I confess to no clue. With the X date coming up, T will hold its own in my view unless the overall market tanks. I can't believe the institutional investors expected a larger dividend hike today. The increase today is perfectly consistent with the last couple years.
Also, the two negative analyst actions this week should have been already reflected in the share price.
The only pending issue is T will book the merger cost this Q, but that already should be cooked into the price given T announced its booking intention a month or so ago.
Well I doubt they started worrying about it after 4:00 today??? Then again 'T' seems to have this habit of higher dividends every year with out fail. Just think this is one of a few really low risk stocks and pays a nice dividend. Cheers FJ