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Verizon (VZ) Stock Gains on Unlimited Data Plan Hike

NEW YORK (TheStreet) -- Verizon Communications (VZ - Get Report) stock is increasing by 0.91% to $44.25 in afternoon trading on Thursday, after the company announced it will increase the monthly unlimited data plan by $20 on November 15, reports.

The hike only affects users who have had their unlimited data plan, which will now cost $49.99 a month, transferred from previous contracts, but not those who are currently in the middle of a two-year contract.

"These changes will allow Verizon to continue to maintain the highest standards of network performance for all our customers," the company said in a statement obtained by

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"Most of our customers [99%] are not on unlimited data plans," the company added, noted.

New York-based Verizon is a provider of communication and entertainment products.

Separately, TheStreet Ratings team rates VERIZON COMMUNICATIONS INC as...