AT&T stock is dropping toward an 11-year low as its yield rises further above 8%
Shares of AT&T Inc. T, -0.41% dropped 0.6% in afternoon trading Wednesday, putting them on track to suffer the longest losing streak in a year, and as they headed for the lowest close since July 2010. The stock has shed 7.5% over the past six sessions, which would be the longest stretch of losses since the nine-day loss streak that ended Oct. 21, 2020. The selloff has boosted AT&T's implied dividend yield to 8.
31%, just below fellow communications company Lumen Technologies Inc.'s LUMN, +0.37% yield of 8.27%. That compares with the implied yield for the S&P 500 of 1.39%. AT&T's stock selloff comes amid growing investor concerns over competition with cable companies, and over ramped up spending by telecommunications companies to build out their fiber networks. Shares of AT&T rival Verizon Communications Inc. VZ, -0.13% slipped 0.
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