Vodafone's priority following the $130 billion sale of its stake in Verizon Wireless will be to use the cash pile for accelerating investment in its own wireless networks.
Stocks recovered from their worst levels but still closed in the red for a third session Wednesday, with major averages retreating further from their recent highs, amid renewed concerns about when the Federal Reserve may start to wind down its bond-buying program.
U.S. stock index futures indicated a lower open on Wednesday amid renewed concerns about when the Federal Reserve will begin tapering off its asset purchases.
Time Warner second quarter results due out Wednesday morning are expected to benefit from growth in advertising and subscription revenue at its cable networks.