Verizon Communications (NYSE:VZ) asked an appeals court to halt the FCC’s new “net neutrality” rules which would impose new regulations regarding how Internet service providers manage their networks. These new net neutrality rules are slated to take effect on November 20th and forbid broadband providers from preventing users from accessing lawful content, such as movie files from Netflix (NASDAQ:NFLX). Opponents feel that these new rules would favor companies such as Comcast (NASDAQ:CMCSA) and AT&T (NYSE:T) that have larger Internet presences.
The rules “impose potentially sweeping and unneeded regulations on broadband networks and services and on the Internet itself,” said Michael Glover, deputy general counsel at Verizon (NYSE:VZ) per Reuters.
Verizon’s stock (NYSE:VZ) is down 0.94% to $36.80 on the news. Shares are up 12.75% in the past 52 weeks. The stock has traded in a 52-week range between $31.60 and $38.95.