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AT&T stock has fallen 18% in 2023.
Justin Sullivan/Getty Images
AT&T
stock is falling in Thursday trading, and a report in The Wall Street Journal about toxic lead network cables will not help shares bounce back, one Citi analyst said.
Shares of telecom giant
AT&T
(ticker: T) are down 0.7% on Thursday to $15.02, which would be the lowest close for the stock since October 2022, according to Dow Jones Market Data. The stock has fallen for the past seven consecutive trading days, or 6.8% over that period. If AT&T ends Thursday in the red, it would be the stock’s longest losing streak since June 2022.
AT&T stock now sports a year-to-date loss of 18%, while the
S&P 500
has gained 17%.
Recent news surrounding legacy telecom companies is going to be another headwind for the stock, Citi analyst Michael Rollins wrote in a research note on Monday. So far, he’s been correct.
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The Journal published an article on July 9 that said AT&T,
Verizon Communications
(VZ), and other telecom companies have network cables covered in toxic lead across the U.S., some…
..
