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4/30/2018, 7:08 PM (Source: TeleTrader)
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Telecom shares drop on T-Mobile-Sprint merger news

Most major indexes in the United States turned negative on Monday, despite a strong start to the trading session. The telecom sector led the losses after T-Mobile US and Sprint announced a merger over the weekend.

The Nasdaq 100 fell 0.63% at 7:00 pm CET with T-Mobile US plunging 7.46% after the company's CEO John Legere (pictured left) announced a $26 billion worth all-stock deal in which it will combine with Sprint. Meanwhile, Sprint plummeted 15.31% at 6:52 pm CET.

The S&P 500 declined 0.28% at 7:03 pm CET. The Dow Jones traded flat, but Verizon, one of T-Mobile's major competitors, dropped 2.77% at 6:51 pm CET.

Baha Breaking News (BBN) / NP