Telecommunications Shares Rebound

Shares of Verizon and other telecommunications stocks rebounded after falling to multiyear lows yesterday.

Verizon, which on Monday logged its lowest closing price since September 2010, was up more than 3%. AT&T

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Telecommunications Shares Rebound
Shares of Verizon and other telecommunications stocks rebounded after falling to multiyear lows yesterday.#telecoms #StocksToBuy #Verizon pic.twitter.com/fPHMmXlOiP

— The_Journalbiz (@the_journalbiz) July 18, 2023

Factset chart

The moves follow a Wall Street Journal investigation into toxic lead cables left behind by telecommunications companies, which has led some on Wall Street to express caution about liabilities those companies could face. (In a Monday note, Oppenheimer analysts referred to “a black hole of potential tort liability.”)

Those liabilities aren’t the only issues faced by telecommunications companies, Heard on the Street’s Dan Gallagher wrote today, complicating the outlook for investors in the sector.

Frontier Communications was recently up less than 1%. Lumen Technologies shares moved more than 3% lower.

AT&T Inc.

 $13.57 USD0.040.30%

Verizon Communications Inc.

VZ (U.S.: NYSE)- $32.27 USD0.812.59%

Frontier Communications Parent Inc.

FYBR (U.S.: Nasdaq)- $12.25 USD0.20

@thejournalbiz

Source:WSJ

Image: Telecommunications