TDS Shares Rise After Update on Lead-Covered Cables
July 18 2023 - 10:20AM
Dow Jones News
By Will Feuer
Shares of Telephone and Data Systems were up 10%, recovering
some of the stock's recent losses, after the telecommunications
company said it has located about 10 miles of lead-covered cables
across its network.
The stock climbed to $7.70 a share from its Monday close of
$7.00.
Other telecom companies rose too as the sector tries to find its
footing after a series of downgrades by Wall Street analysts that
were sparked by a Wall Street Journal investigation revealing that
U.S. phone companies have left behind a network of cables covered
in toxic lead.
Shares of AT&T, which closed Monday at their lowest level
since 1993, rose 2.2% in morning trading. Verizon stock climbed
3.7%, while Frontier Communications shares rose 4.7%.
TDS late Monday said in a news release that it is "identifying
next steps to address the very limited amount of lead cabling it
estimates is in its network." The company said it strives to follow
all applicable laws where it provides service.
Verizon and AT&T report quarterly results next week.
Analysts said they expect the companies to address the matter of
lead-covered cables.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 18, 2023 10:05 ET (14:05 GMT)
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