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Author: Alan LittleDate: 2020-10-21

AT&T (T) shares dip 1.36% on concerns about restructuring

AT&T (T) was on course for its eighth straight session of losses on Monday as shares dipped a further 1.36% on concerns about how the telecoms company is coping with the challenges posed by COVID-19.

AT&T is set to publish its Q3 earnings report on Thursday, but there was no respite at the start of the new week.

The unveiling of Apple’s (AAPL) iPhone 12 had been expected to kick start some momentum for AT&T, but not even a brief rally was evident on Monday, with shares set to close at their lowest point for almost seven months.

AT&T has much to prove after a lacklustre Q2 report showed struggles for its traditional DirecTV business and a poor environment for advertising pressuring its media unit.

In a new note, Truist Securities analyst Greg Miller said that there is “greater uncertainty” for the company than at any point in recent years.

Miller believes that “all options are on the table” for new CEO John T. Stankey as he looks to reorganise the company and demonstrate stability during a challenging period.

AT&T is expected to reveal more details about its wireless business in the coming weeks.

The Texas-based company is already offering a generous $800 credit offering to new and existing customers who trade in an eligible device for Apple’s latest premium iPhone 12 models.

Stocks were down across the board on Monday, but things are expected to heat up this week with a slate of earnings reports.

IBM (IBM) will disclose its financial performance for Q3 before Tuesday’s open.

Tesla (TSLA) and Netflix (NFLX) are also set to report before the week is out.

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