- European names are pacing premarket losers in telecom after Great Britain's historic vote to leave the EU.
- BT Group (NYSE:BT), the holder of longtime incumbent telecom British Telecommunications, is off 17.8% premarket, wiping more than $11B off its market value.
- Other key players in Britain and Europe are sharply lower as well. Telefonica (NYSE:TEF) is down 16.8% premarket, easily set for its lowest price in 18 years.
- French incumbent Orange (NYSE:ORAN) is 11.6% lower. Vodafone (NASDAQ:VOD), meanwhile, is down 8.6%.