Shares of Verizon (VZ) rose the most in over 8 years after third-quarter sales beat Wall Street expectations.

According to Bloomberg, the second-largest US phone company posted profits of $0.66 per share, while revenues rose 4.1% to $24.8 billion.

The company benefitted from an increase in subscribers and growing monthly bills. This helped Verizon offset a slowing economy.

Chief Executive Officer Ivan Seidenberg said, “We had what we thought was a good quarter in light of this current economic uncertainty around the world… Our business shows remarkable stability and strength.” 

The company expects earnings per share to increase 8% this year. Last year, excluding costs like layoff expenses, the company reported $2.36 a share. For the year, analysts expect $2.59.

Verizon shares closed higher by 10% to $27.61.

For related information, see Professor Adam Katz’s Golden Opportunity For Tech Investors.

From the Bull Pen: Verizon may have been a good example of Armageddon being priced in. Bulls can consider other names that Professor Katz has mentioned like Cisco (CSCO) and Hewlett Packard (HPQ).

From the Bear Cave: One downside play bears can consider is Baidu (BIDU). Notice how the stock is sitting below $200, an important psychological mark. Buy stops can be set above that level.