US Stock Market Move | Formed a joint venture with British Telecommunications, Verizon (VZ.US) fell nearly 8% in early trading.

On Monday, Verizon (VZ.US) fell nearly 8% in early trading, hitting a five-month low, and is now trading at $43.07. On the news front, the United States' largest wireless carrier Verizon has agreed to establish a joint venture for its international operations with BT Group Plc, a British telecommunications group. The annual combined revenue of the new venture is expected to reach around $4 billion. Verizon expects this deal to result in an accounting loss of $700-800 million, but is expected to improve its core profitability. In a statement released on Monday, the two companies confirmed that as part of the deal, Verizon has agreed to pay BT $625 million as a "balancing payment," confirming earlier media reports. Both companies will have equal voting rights in the joint venture, and the deal still needs regulatory approval.