{"id":37518,"date":"2023-07-19T00:38:35","date_gmt":"2023-07-19T04:38:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/verizon-and-att-stocks-rise-after-lead-cable-driven-selloff-heres-why\/"},"modified":"2023-07-19T00:38:37","modified_gmt":"2023-07-19T04:38:37","slug":"verizon-and-att-stocks-rise-after-lead-cable-driven-selloff-heres-why","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37518","title":{"rendered":"Verizon and AT&#038;T Stocks Rise After Lead-Cable Driven Selloff. Here&#8217;s Why."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000695264\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Verizon Communications and AT&amp;T stocks rose on Tuesday following a large selloff to start the week amid reports that the telecom titans would start testing sites for possible lead contamination.<\/p>\n<p>\n        Verizon<br \/>\n       (ticker: VZ) stock was up as much as 5.4% on Tuesday while<br \/>\n        AT&amp;T<br \/>\n       (T) had risen 3.4%, although both shares later wavered. AT&amp;T stock closed with a loss of 0.6% but rose 2.6% in after-hours trading. Verizon closed up 2.6% and gained 0.9% in trading after the close.<\/p>\n<div class=\"paywall\">\n<p>The moves come after AT&amp;T marked its lowest close in more than 30 years on Monday, while Verizon had fallen to a 13-year low. <\/p>\n<p>The stocks tumbled as analysts tried to make sense of the potential financial liability for the telecom companies after The Wall Street Journal reported on decades-old cables sheathed in lead. Citigroup analyst Michael Rollins lowered\u00a0AT&amp;T\u00a0stock from Buy to Neutral\/High Risk on Monday, following a similar move by J.P. Morgan. <\/p>\n<p>Verizon is now testing the various sites mentioned in the Journal story for lead contamination, the firm said in an email to <em>Barron\u2019s<\/em>. \u201cWe are taking these concerns regarding lead-sheathed cables very seriously,\u201d the company said. AT&amp;T also told <em>Barron\u2019s<\/em> it is conducting additional testing. <\/p>\n<p>The lead-cable-driven selloff comes on top of an already tough year for the industry as the business sees pressure from subscriber growth slowing. While social distancing during the pandemic helped boost subscriber counts for phone and internet services, penetration is now moderating.<\/p>\n<p>Monday\u2019s slide in prices may have tempted some bargain hunters to buy the dip and attractive dividend yields could have added to the shares\u2019 appeal. AT&amp;T offers a quarterly dividend of 28 cents, for an 8.2% dividend yield based on Monday\u2019s closing prices, which is far above the\u00a0S&amp;P 500\u2018s yield of around 1.5%<\/p>\n<p>Plus, the lead issue isn\u2019t likely to be resolved quickly, meaning any financial hit for the companies may not emerge for years. It took 19 years of litigation for Sherwin-Williams\u00a0(SHW),\u00a0Conagra Brands\u00a0(CAG), and\u00a0NL Industries\u00a0(NL) to agree to pay $305 million to settle a lead-paint lawsuit.<br \/>\n        Home Depot<br \/>\n      (HD) was ordered to pay $20.75 million for violating lead-safety work practices\u00a0during home renovations after nearly four years of investigation. <\/p>\n<p>That potentially long timeline may be another reason for the improved attitude among investors on Tuesday. But it would take more than one day to make a trend. <\/p>\n<p>\u00a0Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/verizon-att-stock-price-lead-cables-845c72d5?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Verizon Communications and AT&amp;T stocks rose on Tuesday following a large selloff to start the week amid reports that the telecom titans would start testing sites for possible lead contamination. Verizon (ticker: VZ) stock was up as much as 5.4% on Tuesday while AT&amp;T (T) had risen 3.4%, although both shares later wavered. AT&amp;T stock [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":37519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-37518","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Verizon and AT&amp;T Stocks Rise After Lead-Cable Driven Selloff. 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