Telecoms Slightly Lower as Carriers Shy From iPhone Promotions -- Telecoms Roundup

Features Dow Jones Newswires

Shares of telecommunications companies fell slightly as carriers drew back from promotional offers on the latest iPhone models.

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Last year, shortly after Apple unveiled the iPhone 7, the four major U.S. carriers were quick to offer free iPhone 7s to customers who traded in the previous model. But the chief executives of Verizon Communications and Sprint both indicated they were reluctant to offer deep discounts to customers on the new line of smart phones, known as iPhone X and iPhone 8.

An analyst at brokerage Jefferies said most companies' promotions focused on trade-in offers for old devices, "a much more measured approach than the free-iPhone deals we saw last year."

The U.K. government said it would refer 21st Century Fox's $15.5 billion proposal to consolidate ownership of satellite television affiliate Sky to the country's competition authority on both broadcasting standards and media plurality grounds.

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

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September 14, 2017 17:02 ET (21:02 GMT)