Key facts: Telefonica to delist ADS; downgraded by NewStreet; 4,500 job cuts
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Telefonica will delist its American Depositary Shares from the NYSE due to high costs. Current ADS holders can exchange them for ordinary shares in Spain as part of a new strategic plan.12NewStreet Research has downgraded Telefonica (TEF) to a 'reduce' rating, citing a weaker growth outlook that is not fully priced in.3Telefonica plans to cut over 4,500 jobs in Spain, with 3,765 in core operations and 599 in global units. The revised plan aims for voluntary departures, reducing initial layoffs by 25%.4
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