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US telecom firms slip after Trump Organization unveils new phone, service

ReutersJun 16, 2025 1:15 PM

** Shares of U.S. telecom firms dip in premarket trading

** AT&T T.N falls 0.5%, Verizon Communications VZ.N off 0.3%, while T-Mobile TMUS.O down 0.2%

** Trump Organization - main holding entity of President Donald Trump's business ventures - unveils self-branded mobile service called 'Trump Mobile'

** Says 'Mobile' to have numerous features, such as roadside assistance and telemedicine

** Payment processing partners include PayPal PYPL.O and Stripe, while shipping ones include UPS UPS.N and FedEx FDX.N

** Shares of PYPL and FDX up over 1% premarket

** New venture to have phones made and call centers based in the U.S.

** Trump's social media firm, Trump Media and Technology DJT.O also gains 2%

** Till last close, T up 23% YTD, while TMUS up 3%, VZ up over 7% in the same period

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