Verizon strike is hurting its stock

It's been more than a month since nearly 40,000 Verizon workers went on strike. And it looks like the labor problems are taking a toll on Verizon's business ... and its stock. Investors have hung up on Verizon lately. Shares are down nearly 5% since the strike began on April 13. That's worse than the broader market as well as telecommunication and cable rivals AT&T and Comcast.

The Communications Workers of America, one of the unions representing the striking workers, has been gleefully pointing out how Wall Street has dumped Verizon. In a recent press release, the CWA noted that Wells Fargo recently slashed its revenue estimates for Verizon for the second quarter and full year. And while investors should obviously take any gloating from the CWA with a grain or two of salt, the union's claims aren't off the mark. Not by a long shot. The strike clearly is having a financial impact. Wells Fargo isn't the only bank to trim its outlook for Verizon. Wall Street's consensus earnings estimate for Verizon for the second quarter has fallen by 4% over the past two months.