Without much fanfare, AT&T (T) rose steadily since bottoming in late April 2024. Investors accumulated T shares after the firm posted Q1 profits of $0.55 a share. It attributed an 8.3% Y/Y profit decline to a fall in lower sales volumes in Mobility equipment.
In May, AT&T made a deal with AST SpaceMobile (ASTS) to bring satellite internet connectivity to smartphones. Customers get more choices, instead of relying on Elon Musk’s SpaceX Starlink.
In the last two trading sessions, T stock fell. This is the first back-to-back decline since a continuous rise from June 14 to June 28, 2024.
In Canada, BCE (BCE) resumed substantial selling pressure. It traded ex-dividend on June 14, 2024, paying a $2.91 annual dividend that now yields 9.28%. The fresh 52-week low is not explainable. The firm announced it would post Q3/2024 results on August 1. U.S. investors may be selling BCE stock on expectations that the Canadian dollar would tumble. The Bank of Canada cut interest rates by 25 bps while the U.S. did not change it. This hurts the value of Canadian-based assets.
In the media sector, Paramount (PARA) will rise by around 10% today. The firm’s big shareholder, Shari Redstone’s National Amusements, reached a preliminary deal to sell a controlling interest to David Ellison’s Skydance Media. David is the son of Oracle (ORCL) founder Larry Ellison.
