Verizon Communications Inc. said Wednesday it has won a contract worth up to $1.58 billion from the Department of State to modernize U.S. embassies. The 10-year contract includes implementing and managing the network for the department's non-domestic footprint and includes embassies in Asia, Africa, the Middle East and South America. Verizon shares were slightly lower premarket and are down 23% in the year to date, while the S&P 500 has fallen 20%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.