AT&T (T -5.4%) gets slammed as 3 downgrades arrive in response to its Q1 revenue miss, the...
Apr 24 2013, 10:44 ET
AT&T (T -5.4%) gets slammed as 3 downgrades arrive in response to its Q1 revenue miss, the result of soft wireless subscriber adds and declining wireline revenue. There might also be concerns about whether lowering 2014/2015 capex targets (to fuel more buybacks?) is a bright idea in light of flagging growth. AT&T's 296K Q1 postpaid net adds (boosted by tablets) and 184K prepaid net losses are easily worse than Verizon's respective net adds of 677K and 43K. On the earnings call, AT&T mostly blamed wireline weakness on macro and government issues, rather than legacy voice service declines. VZ -1.9%. CTL -4%. WIN -2.2%. FTR -1.1%.