April 1, 2008
FairPoint stock stumbles on Verizon deal
FairPoint's stock tumbled yesterday after it completed the acquisition of Verizon's wireline business in northern New England.
Concern over the debt the North Carolina telecom company has assumed drove stock prices down by nearly $3 a share, from $10.26 at the closing bell on Friday to a low of $7.16 Monday morning, before making a slight rebound later in the day. "The market is saying there's still too much debt on the transaction," Brad McCurtain, president of Maine Securities, told the Associated Press.
FairPoint's stock opened Tuesday morning at $9.30, but midday trading saw it drop to $8.69.
Concern over the debt the North Carolina telecom company has assumed drove stock prices down by nearly $3 a share, from $10.26 at the closing bell on Friday to a low of $7.16 Monday morning, before making a slight rebound later in the day. "The market is saying there's still too much debt on the transaction," Brad McCurtain, president of Maine Securities, told the Associated Press.
FairPoint's stock opened Tuesday morning at $9.30, but midday trading saw it drop to $8.69.
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