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AT&T’s stock price hit a 29-year low on Friday and continued to sink today as investors fled telecom stocks on reports that cleanups of lead-covered telephone cables could cost the industry tens of billions of dollars.
AT&T stock dropped 4.1 percent to $14.50 on Friday, reportedly the lowest close since 1994. AT&T’s stock price fell another 6.7 percent to $13.53 when the market closed today.
Frontier Communications stock dropped 11.9 percent on Friday and was down 15.8 percent today. Verizon stock fell 1.8 percent on Friday and was down 7.5 percent today. Lumen (formerly CenturyLink) fell 10.2 percent Friday and was down 8.6 percent today.
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