Shares of A&T fell more than 6.5% on Monday following another analyst downgrade citing an uncertain liability for lead-sheathed cables. The dip followed a 5.8% drop on Friday and brought the iconic telecom brand to lows not seen in nearly 30 years. Stock of Verizon was down more than 7.5% to nearly 13-year lows in afternoon trading Monday. USTelecom, a trade group that represents AT&T, Verizon among other telecom companies, said the industry is prepared to engage on the issue, though the threat remains unclear. “We have not seen, nor have regulators identified, evidence that legacy lead-sheathed telecom cables are a leading cause of lead exposure or the cause of a public health issue," a spokesman for the industry group said in a statement.

Source: Wall Street Journal July 18, 2023 03:04 UTC