AT&T (T -1.2%) and Verizon (VZ -1.2%) shares slump after Baird cuts its rating on both...

|By:, SA News Editor

AT&T (T -1.2%) and Verizon (VZ -1.2%) shares slump after Baird cuts its rating on both wireless providers to Neutral from Outperform, a day after RBC cut growth estimates on both companies. Baird cites a slowdown in sales growth, ever-increasing data traffic and continued needs for fresh spectrum.