Why Telecom Stocks Like AT&T and T-Mobile US Tumbled Today
One group of stocks that has been punished during this current market downturn is telecoms. On Tuesday, they got little respite, on news of remarks from a top executive at one of their incumbent companies.Many telecoms sank into the gloom that trading session, including big dogs AT&T (NYSE: T) and T-Mobile US (NASDAQ: TMUS); the pair closed the day down nearly 5% and 4% in price, respectively. Even associated businesses felt the pain, with networking specialist Ciena (NYSE: CIEN) losing more than 2% of its value despite publishing an estimates-beating quarterly earnings report.In an industry conference that likely wasn't as festive as some might have hoped, Verizon chief revenue officer Frank Boulben made some remarks that led investors to pull back from sector stocks. Continue reading
One group of stocks that has been punished during this current market downturn is telecoms. On Tuesday, they got little respite, on news of remarks from a top executive at one of their incumbent companies.
Many telecoms sank into the gloom that trading session, including big dogs AT&T (NYSE: T) and T-Mobile US (NASDAQ: TMUS); the pair closed the day down nearly 5% and 4% in price, respectively. Even associated businesses felt the pain, with networking specialist Ciena (NYSE: CIEN) losing more than 2% of its value despite publishing an estimates-beating quarterly earnings report.
In an industry conference that likely wasn't as festive as some might have hoped, Verizon chief revenue officer Frank Boulben made some remarks that led investors to pull back from sector stocks.
