The Telstra Corporation Ltd (ASX: TLS) share price finished in the red today despite no news from the company.
The company's share price finished at $4.02 today, a 0.74% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) dropped 0.98% today.
Let's take a look at what might be going on at this ASX200 telco.
Image source: Getty Images
Competitor news
Telstra may not have released any major news today, but its major competitor certainly did. Optus announced it had appointed former premier NSW Gladys Berejiklian to its executive team. Berejiklian served as Premier of NSW from January 2017 to October 2021.
Telstra "would be quaking in their boots", Macquarie Telecom executive Luke Clifton said in comments reported in the Financial Review.
Clearly, Telstra has had the lion's share of the NSW state government telecoms expenditure. And she is going to be able to open some serious doors in NSW government for Optus.
Meanwhile, the current NSW Premier Dominic Perrottet also chipped in with praise for his former colleague and some words for Telstra.
Not only is she a strong leader but she achieves great outcomes and her professionalism and her diligence will service her very well.
If you've got an issue with Optus' reception and you've got Glad's number, you can give her a call…
I think Telstra will be worried.
However, Telstra has reported plenty of positive news of its own lately. Early this week, the company share price climbed amid news of a $100 million Internet of Things deal.
Last week, the company reported to the market details of an investment of $1.6 billion in 'nation-building' projects.
As my Foolish colleague James reported yesterday, Morgans recently rated Telstra as a "buy" with a price target of $4.56.
Berejiklian also served as transport minister and treasurer before becoming Premier of NSW. In her role as transport minister, she had responsibility for infrastructure including telecommunications.
Commenting on her new role, Berejiklian said:
I am excited and proud to join an organisation that impacts the lives of millions of Australians every day and prides itself in providing outstanding customer service.
Telstra share price snap shot
The Telstra share price has gained nearly 24% over the past year but it has fallen 4% this year to date. It has fallen 0.74% since last Friday's close, while it has dropped nearly 3% in the past month.
For perspective, the ASX 200 has returned about 5% over the past year.
Telstra has a market capitalisation of about $47.2 billion based on the current share price.
