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Bernstein's Craig Moffett is slashing AT&T (T -1.8%) to Market Perform, while reiterating an...

Bernstein's Craig Moffett is slashing AT&T (T -1.8%) to Market Perform, while reiterating an Underperform on Verizon (VZ -0.9%). Moffett believes each telco is facing massive pension liabilities, with poor returns on cash making a bad situation worse. Growing pension expenses were a major factor behind 3M's (MMM -4.8%) guidance cut today.
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