|Bid||38.17 x 800|
|Ask||38.17 x 21500|
|Day's Range||38.13 - 38.58|
|52 Week Range||26.80 - 39.70|
|Beta (3Y Monthly)||0.58|
|PE Ratio (TTM)||17.12|
|Earnings Date||Jan 29, 2020|
|Forward Dividend & Yield||2.04 (5.34%)|
|1y Target Est||39.02|
Leveraging 5G Ultra Wideband network, Verizon (VZ) partners with Sony to promote next-gen live sports viewing experience with excellent wireless connectivity, low-latency and high-definition video.
Days after Chief Financial Officer John Stephens said AT&T might issue stock shares, the company unveiled a proposed offering of a series of that type of stock. Its completion depends on certain factors, such as market conditions, the Dallas company announced Thursday. “AT&T intends to use the net proceeds of the offering for general corporate purposes,” it said in the statement.
Moody's Investors Service (Moody's) affirmed AT&T Inc.'s ratings (AT&T), including the Baa2 senior unsecured rating and the Prime-2 commercial paper rating, and assigned a Ba1 rating to its planned new Series A Perpetual Preferred Stock (preferred stock). AT&T intends to use the net proceeds for general corporate purposes, which Moody's believes may include the repurchase of its common stock under its ongoing share repurchase program.
(Bloomberg Opinion) -- The merger floodgates broke open five years ago, and now U.S. Senator Elizabeth Warren wants to close the hatch. Her proposed bill to substantially restrict big corporate tie-ups is more a presidential campaign statement than viable legislation — and it certainly won’t score her any more points with the Wall Street crowd — but she is calling attention to the maniacal pace of dealmaking in corporate America and the need to modernize antitrust laws that have permitted some recent problematic transactions.More than $7 trillion of takeovers of U.S. companies have been announced since this day in 2014 — 52,694 companies to be exact.(1) That compares with just $4.4 trillion of deals in the previous five-year period. The transactions grew over time as balance sheets flush with cash and income statements desperate for growth created a perfect storm, which more often than not was stoked by pliable regulators. The Walt Disney Co. acquired 21st Century Fox Inc.; Charter Communications Inc. bought Time Warner Cable Inc.; CVS Health Corp. took over Aetna Inc.; Marriott International Inc. merged with Starwood Hotels & Resorts Worldwide Inc.; and T-Mobile US Inc. is trying to buy Sprint Corp. Those are just some of the more recognizable names. Warren, one of the top-polling candidates heading into the Democratic primaries, wants to ban deals in which one company has annual revenue of more than $40 billion, or both businesses generate more than $15 billion in sales, according to a draft of the bill reviewed by Bloomberg News. (A notable exception would be companies facing insolvency.) That could effectively prevent every top airline, insurer, manufacturer, oil producer, retailer, technology platform and other conglomerates — perhaps even Warren Buffett’s M&A vehicle, Berkshire Hathaway Inc. — from making any acquisitions. It would sound the M&A death knell. The idea, however, is unlikely to gain broad support among lawmakers.Even so, it’s hard not to notice the rising drumbeat of politicians concerned about overreach by corporate giants, particularly those in the tech field. Senator Amy Klobuchar, another Democratic presidential candidate, plans to introduce separate antitrust legislation soon, Bloomberg News reported, citing a person familiar with the matter. (Michael Bloomberg, the founder and majority owner of Bloomberg LP, the parent of Bloomberg News and Bloomberg Opinion, is also campaigning for president.)For the Trump administration’s part, the U.S. Justice Department is already investigating whether tech giants — namely Apple Inc., Amazon.com Inc., Facebook Inc. and Google — are using their unchecked power to engage in harmful business practices. But as I wrote in July, if regulators are so concerned about protecting consumers from tech overreach, their glowing endorsement of T-Mobile’s takeover of Sprint is a funny way of showing it; it will shrink the U.S. wireless market from four to three major carriers and remove a company that’s helped to keep customer prices in check.Antitrust regulation under President Donald Trump has at times created questionable optics. Makan Delrahim, the Justice Department’s top antitrust enforcer, seemed to switch his stance on AT&T Inc.’s takeover of Time Warner Inc. as Trump railed against the deal. Time Warner was the parent of CNN, which Trump views as his personal nemesis. (I’ve argued that whatever the case, scrutiny of the megamerger was warranted considering the broad market power it gave to AT&T as media companies without such scale struggle to compete.) By comparison, Disney and Fox, which was controlled by Trump pal Rupert Murdoch, closed their megadeal with few regulatory hiccups. Warren has criticized other giant deals, such as the merger of SunTrust Banks Inc. and BB&T Corp. and the combination of seed makers Bayer AG and Monsanto Co. Given that they aren’t household names, though, most Americans are unfazed by or unaware of such deals, even though they may feel the effects later. Her bill would direct the government to take into account not just whether a merger will lead to higher prices but also what the impact might be on workers, privacy and industry innovation. To justify the cost of buying another large company, dealmakers tend to come up with ambitious estimates of synergies, a euphemism for layoffs. It’s clear that the meaning of “harm” needs to be expanded in the antitrust sense, and laws need to take a more holistic view of the potential consequences of M&A as the lines between industries continue to blur. The Big Tech factor also needs to be weighed, as some deals are being done in part to respond to companies like Amazon that are spreading their tentacles into new areas. On Wednesday, TV-network operators CBS Corp. and Viacom Inc. completed their own merger, a bid to cut costs and create more scale to compete against a new roster of even more powerful media giants: Amazon, Apple, AT&T and Disney. Even then, ViacomCBS Inc., as the merged entity is now called, may not be big enough, and so it may be only a matter of time before it gets swallowed. Warren’s overly broad proposal likely isn’t the answer. But Democrats do seem ready to at least try to rein in a market that’s gotten out of hand. For dealmakers, this may be last call at the M&A party.(1) Data compiled by Bloomberg as of Thursday morning. Excludes terminated deals.To contact the author of this story: Tara Lachapelle at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
While T-Mobile (TMUS) launches nationwide 5G network, Verizon (VZ) collaborates with Amazon's cloud computing arm, Amazon Web Services, for 5G edge computing.
AT&T Inc.* will webcast a keynote by Jeff McElfresh, chief executive officer of AT&T Communications, at the Barclays Global TMT Conference in San Francisco on December 12, 2019. The presentation is scheduled to begin at 8:30 a.m. PT.
AT&T Inc. (NYSE: T) ("AT&T") announced today a proposed registered public offering (the "Offering") of depositary shares, each of which represents a 1/1,000th interest in a share of its Perpetual Preferred Stock, Series A, $25,000 liquidation preference per share (equivalent to $25.00 per depositary share). The completion of the proposed offering depends upon several factors, including market and other conditions. AT&T intends to use the net proceeds of the Offering for general corporate purposes.
The streaming landscape is in the midst of an arms race that The Walt Disney Co. is only escalating with the arrival of Disney+.
(Bloomberg) -- Huawei Technologies Co. has sued the Federal Communications Commission, seeking to overturn a regulatory decision that will hurt the Chinese corporation’s business with its last major American clients.China’s largest technology company by sales said it has filed a lawsuit with the Fifth Circuit Court of Appeals, challenging the American agency’s decision to bar the use of federal subsidies by rural carriers purchasing its equipment. Huawei complained it wasn’t accorded due process and was unfairly labeled a national security threat.The lawsuit is the latest attempt by Huawei to fight American sanctions and curbs that threaten the world’s largest networking business. Huawei, which the White House accuses of aiding Beijing in espionage, is stepping up a worldwide legal and publicity campaign to protest what it deems unfair treatment by the U.S. and its allies. It’s turned increasingly to courts to fight a plethora of issues from alleged defamation to American network restrictions.“The U.S. is great because it embraces openness, inclusiveness and the rule of law,” Chief Legal Officer Song Liuping told reporters at a briefing in Shenzhen on Thursday. “If it abuses its power, the ultimate loser may be itself.”FCC representatives weren’t immediately available for comment outside of normal business hours.Read more: Huawei Sues U.S. Over Equipment Ban, Escalating Legal ClashHuawei has initiated a number of high-profile legal actions to defend its business and reputation overseas. In March, the company brought the U.S. government to court in Texas, arguing a provision in the 2019 National Defense Authorization Act that barred it from certain networks violated the U.S. Constitution. It also filed defamation claims in Paris last month over claims made on TV about its alleged ties with the Chinese government, something the company has repeatedly denied. Meng Wanzhou, the Huawei chief financial officer who faces potential extradition to the U.S. for alleged fraud, has also sued the Canadian authorities for wrongful detention.Even as Huawei fights to safeguard its reputation abroad, it may be facing a public backlash back home. This week, news that it had reported an employee to police who was subsequently detained for 251 days -- then released without charges -- sparked a social media furor against the company’s infamously demanding work environment. Local media reported the longtime employee had sought severance pay upon dismissal over unspecified reasons, but was then detained on extortion charges. “We are obligated to report to the authorities if we find any suspicious or unlawful acts,” Song said Thursday, saying he had nothing more to add.The backlash stood in stark contrast to the consistent support Huawei has enjoyed at home since it ended up in Washington’s cross-hairs. Huawei is considered a central facet of sensitive U.S.-Chinese negotiations intended to defuse trade tensions between the world’s two largest economies. The Trump administration however has said issues related to the company won’t be included in any potential deal and is a separate process.The FCC’s move comprises one aspect of a broader campaign to contain a Chinese national champion Washington views with suspicion. In May, the White House placed Huawei on a blacklist that prohibited the sale of American software and circuitry. It’s so far defied those curbs -- reporting hyper-growth in quarterly sales and smartphone shipments -- but expects Washington’s ban to erase $10 billion in 2019 revenue. That’s down from the $30 billion Huawei’s billionaire founder, Ren Zhengfei, previously feared.The U.S. market itself has shrunk in importance in past years for Huawei. The country’s biggest telecom carriers, including AT&T Inc. and Verizon Communications Inc., barely buy any of its gear and dropped plans to sell Huawei phones last year under pressure from the U.S. government. Huawei still maintains business ties with a number of small American carriers serving rural areas.(Updates with comments from a press briefing from fourth paragraph)To contact Bloomberg News staff for this story: Gao Yuan in Beijing at email@example.comTo contact the editors responsible for this story: Peter Elstrom at firstname.lastname@example.org, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The bills — which contained names, addresses and phone numbers, and many included call histories — were collected as part of an offer to allow cell subscribers to switch to Sprint, according to Sprint-branded documents found on the server. The documents explained how the cell giant would pay for the subscriber's early termination fee to break their current cell service contract, a common sales tactic used by cell providers. In some cases we found other sensitive documents, such as a bank statement, and a screenshot of a web page that had subscribers' online usernames, passwords and account PINs — which in combination could allow access to a customer's account.
(Bloomberg) -- Viacom Inc. and CBS Corp. completed their merger on Wednesday, ending three years of on-and-off talks and creating what they boast is an entertainment colossus without peer. The hope is that the combined company, rechristened ViacomCBS Inc., will spit out hit TV shows and movies faster than you can say Netflix.But Wall Street has been skeptical. Shares in both companies have tumbled more than 14% since they announced plans to combine in August, erasing billions of dollars in market value. Shareholders of CBS have sued the company in Delaware, alleging the merger only benefits its controlling shareholder, National Amusements Inc., the movie-theater chain owned by the Redstone family.The shares began to rebound on Wednesday, a sign that investors are finally warming to the deal. But ViacomCBS still has a long way to go before winning over skeptics.Even media analysts, typically a staid and supportive bunch, have questioned the logic of the deal. Michael Nathanson, co-founder of Moffett Nathanson LLC, dubbed an October filing that outlined details of the merger “an abject disaster.”That wasn’t the reception Shari Redstone was hoping for when she began agitating for a merger of the two companies back in 2016. That was when she supplanted her father, Sumner Redstone, as the public face of a family business with a clear goal: reunite the two companies that her father split apart in 2006.Wall Street was mixed on the deal at the time, but saw the logic for Viacom. The owner of MTV and Nickelodeon was losing teenagers to Netflix, advertisers to YouTube and confidence among its own employees. Combining with CBS would give the combined company the heft to negotiate better deals with pay-TV operators and advertisers.CEO ClashesYet the family met resistance from the leadership of both companies, leading to legal disputes with both Viacom chief Philippe Dauman, her dad’s old lawyer, and CBS boss Les Moonves, a TV industry legend. Dauman was fired in 2016, and Moonves was ousted last year after more than a dozen women accused him of sexual misconduct.Now that the merger is finally a reality, it looks late -- and the combined company looks small. ViacomCBS has a market capitalization of about $20 billion, a fraction of heavyweights Walt Disney Co., Comcast Corp., AT&T Inc. and Netflix Inc. Its $27 billion in annual sales is a fraction of all those companies but Netflix, which is growing at a much faster rate.Redstone would prefer investors look at another number: the $13 billion that the two companies are spending annually on TV shows and movies. That figure puts ViacomCBS in the same league as the biggest entertainment companies in the world, and speaks to what Redstone and Viacom chief Bob Bakish have said is a differentiated strategy. While AT&T, Comcast and Disney trip over one another to create their own Netflix, ViacomCBS will sell to all of them.Viacom’s Paramount produces “Jack Ryan” for Amazon, while Nickelodeon just signed a deal to make programs for Netflix. CBS both produces “Dead to Me” for Netflix and several shows for its own streaming service.Shares RallySome investors are coming over to their way of thinking. Viacom rallied the most since May on Wednesday, climbing as much as 6.1%. CBS rose as much as 6.2%. Both stocks came off their highs by the close, each rising more than 3%. ViacomCBS begins trading under the symbols VIACA and VIAC on Thursday.“It’s somewhat frustrating the way the stocks have traded; it’s like there are no believers out there,” said John Miller, a senior vice president at Ariel Investments, which holds stock in both companies. “We continue to believe this merger makes complete sense.”Miller said he expects “unbelievable” political advertising revenue in the 2020 election cycle, and said the companies are bringing together valuable programming. “The combination will make both companies stronger,” he said.Still, the combined company’s strategy remains confusing to many. At the same time it licenses “South Park,” one of its most popular programs, to AT&T’s HBO Max, ViacomCBS will maintain its own streaming service, All Access. The spending on original programming for All Access and Showtime is what prompted Nathanson to use the phrase “abject disaster” in the first place. The cash burn from that spending exceeded his forecast.Tough SpotBakish, who will run the combined company, is in an unenviable position. He doesn’t want to give up on the money he can get licensing programs to streaming services starved for hit shows, but he can’t forgo the world of streaming altogether. Wall Street has rewarded Disney for taking on Netflix head-to-head, but it is in the unique position of owning Marvel, “Star Wars” and Pixar.Investors’ concerns don’t stop there. They expected more cost synergies. They wanted more insight into how the two companies would benefit one another. Press appearances from Bakish have done little to assuage their concerns.But competing on the internet is not the only -- or even the main -- rationale for doing the deal. It does create a formidable TV company that will own the most-watched U.S. network, the most-watched kids’ TV network, one of the major Hollywood studios and a premium cable network in Showtime. All together, they will command more than 20% of TV viewing and the largest audience in almost every demographic of any company.“It’s a reach story,” Bakish told Bloomberg News in an interview the day the deal was announced. “We will have the largest TV business in the U.S. on a combined basis, and it strengthens our position to create value.”Bakish, Redstone and the leadership at CBS all say they’re convinced this deal is a no-brainer. Now they just need to convince everyone else.(Updates with deal’s completion in first paragraph, shares in 11th paragraph.)To contact the reporter on this story: Lucas Shaw in Los Angeles at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, John J. Edwards IIIFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
President Donald Trump on Wednesday dismissed the significance of repeated contacts between his personal attorney Rudy Giuliani and phone numbers linked to the White House and its budget office — contacts that were revealed in the House intelligence committee’s impeachment report. The 300-page House report is serving as the basis for the House Judiciary Committee’s efforts beginning Wednesday to formally move forward on drafting articles of impeachment against Trump.
Backed by favorable business dynamics, AT&T (T) forecasts consolidated revenues at a CAGR of 1-2% for 2020-2022, and EBITDA margins to expand 200 basis points by 2022.
Verizon (VZ) collaborates with Amazon Web Services to create an enhanced cloud computing technology for enterprise customers by deploying ultra-low latency applications at the edge of the 5G network.
AT&T Inc.* chief financial officer John Stephens spoke today at the Wells Fargo Global TMT conference, providing an update to shareholders. Stephens discussed the 3-year plan AT&T presented in October. AT&T Mexico’s recent 8-year reseller agreement with Telefónica Movistar gives the company confidence in Mexico’s growth opportunities.
Spokesman for the telecom giant says the company ensures that such requests for data are valid before releasing information about calls and text messages.