Verizon Shares Rise Despite 29% Volume Drop Ranks 179th in U.S. Liquidity Amid 5G Strategy Shift and $23 Billion Buyback Authorization

On September 23, 2025, , ranking 179th among U.S. equities by liquidity. The move followed a strategic shift in its 5G network expansion strategy, which analysts suggest could reshape capital allocation priorities in the coming quarters.

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To run this back-test accurately I need to pin down a few implementation details: 1. Stock universe • Are you interested in all U.S. listed equities, or would you like to limit the universe (e.g. S&P 500 constituents, Russell 3000, NASDAQ-listed, etc.)? • Using the full U.S. universe means collecting daily volume for several thousand tickers; a narrower universe makes the back-test faster and easier to interpret. 2. Trade execution convention • Rank stocks on day T’s volume, open the positions at the next day’s open (T+1) and close them at that day’s close (classic 1-day hold), or • Rank and buy at day T’s close, then sell at the next day’s close? Please confirm which approach you prefer. 3. Transaction costs • Should we assume zero commission/slippage, or apply a round-trip cost (e.g., 5 bp each side)? If you’re happy with the default choices below, just let me know and I’ll proceed without further questions: • Universe: S&P 500 constituents (current membership, rebalanced daily for additions/deletions). • Execution: rank on day T, enter at T+1 open, exit at T+1 close. • Transaction costs: none. Once these points are confirmed, I’ll generate the daily trade signals and run the back-test.