Morning Business Report: Verizon announces major cost cuts as markets slide and housing foreclosures rise

Verizon is preparing for its largest round of cost-cutting measures in company history as it works to stop ongoing customer losses.

(LILAMAX)- Verizon is preparing for its largest round of cost-cutting measures in company history as it works to stop ongoing customer losses. The reductions—expected to take place within the next week—come as the nation’s largest wireless carrier continues to struggle in both the mobile and home-internet markets. Verizon has lost postpaid phone subscribers for three straight quarters, a key metric watched closely by investors.

In Washington, the IRS announced higher retirement contribution limits for 2026. Workers will be able to put up to $24,500 into 401(k) and similar workplace retirement plans—an increase of $1,000 from this year. The limit for IRAs will rise to $7,500, up from $7,000. Older workers who qualify for catch-up contributions will see even higher caps.

On Wall Street, tech stocks led a broad decline Thursday. The Dow dropped nearly 800 points amid growing skepticism that the Federal Reserve will cut interest rates in December.

Meanwhile, new data shows signs of growing strain in the housing market. Foreclosures jumped 20% in October, with Florida, South Carolina, and Illinois leading the nation in filings. While overall numbers remain relatively low, analysts warn the steady rise may indicate deeper trouble ahead.

In the media world, Warner Bros. Discovery has attracted interest from several major potential buyers. The Wall Street Journal reports Paramount, Comcast, and Netflix are all evaluating possible deals. Comcast and Netflix are said to be primarily eyeing Warner Bros.’ film and television studios and the Max streaming platform — but are reportedly less interested in the company’s cable networks, including CNN, TNT and Discovery Channel.