Shares of AT&T dropped to their lowest closing price in three decades, extending recent losses after a Wall Street Journal investigation into toxic lead cables left behind by telecommunications companies.
AT&T’s stock fell 6.7% on Monday to $13.53 a share, its lowest close since February 1993. Shares have declined 13% since the investigation published July 9 revealed how telecom companies like AT&T have left behind more than 2,000 old lead-encased cables across the U.S., relics of the old Bell System’s regional telephone network.
Journal testing found numerous cables leaching lead into soil and water at levels exceeding regulatory safety guidelines. Wall Street analysts have since raised questions about liabilities related to the cables and the potential impact on companies’ bottom lines. Some firms have downgraded their ratings on some telecom stocks.
Read the full story on The Wall Street Journal here.