NEW YORK (TheStreet) -- Vodafone
shares surged more than 8% before market open Thursday as the telecom giant confirmed that talks are underway to exit the Verizon Wireless joint venture.
The U.K. firm said that it is in talks to sell its 45% stake in Verizon Wireless to partner Verizon Communications
Vodafone shares climbed 8.26% to $31.84 in premarket trading. The company was also the most active premarket Nasdaq stock on share volume of 2,945,129.
Verizon shares also received a boost from the news, gaining 7.28% to $49.95.
was a more modest gainer, rising 1.19% to $41.03 on share volume of 552,823 while Sirius XM
was up 0.7% to $3.60.
Electric car maker Tesla
crept up 0.57% to $167.40, while Apple
rose 0.63% to $494.
, which reports its fiscal second-quarter results after market close, was down 0.47% to $42.58. Analysts surveyed by Thomson Reuters are looking for sales of $939.25 million and earnings of 7 cents a share, compared to $731.65 million and 11 cents a share in the same period last year.
--Written by James Rogers in New York.
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