VZ - Why AT&T Verizon and Frontier Stocks All Bounced Back on Wednesday
2023-07-19 14:01:20 ET
Is it over yet?
After 10 rough days of almost unabated selling, shares of telecom giant AT&T (NYSE: T) finally bounced back on Wednesday, posting a gain of 7.8% through 12:25 p.m. ET and erasing ... well, certain not all of the stock's recent declines, but at least its declines from the last couple of sessions. Fellow Ma Bell descendants Verizon Communications (NYSE: VZ) and Frontier Communications Parent (NASDAQ: FYBR) -- both of which suffered alongside AT&T -- are bouncing back as well on Wednesday, up 5.3% and 24%, respectively.
The reason for all the selling: On July 9, The Wall Street Journal published the first in a multiday series of articles describing the environmental hazards posed by miles and miles (and miles) of lead-wrapped copper telephone lines that Ma Bell laid across America. The series described the potential for AT&T and Verizon in particular to suffer environmental lawsuits over the health effects caused by the deterioration of this lead sheathing, and its leaching into the soil and groundwater -- and also the potential costs of removing the lead-sheathed wires to mitigate the problem.
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Why AT&T, Verizon, and Frontier Stocks All Bounced Back on Wednesday