Reply To: Traders Market Weekly: Central Banks and Big Tech Calibrations


Telecom companies are having a rough time of it this morning.

AT&T (T 13.88, -0.62, -4.3%) leads the pack there, having been downgraded to Neutral from Buy at Citigroup, which CNBC reports is concerned in part by the potential for future liabilities and financial risk related to the industry’s use of lead sheathed cabling.

Verizon (VZ 32.82, -1.18, -3.5%) and Lumen Technologies (LUMN 1.77, -0.09, -4.3%) are trading lower in sympathy.

The weakness in the telecom companies is contributing to the underperformance of the communication services sector (-0.5%), which is also feeling a pinch from weakness in Meta Platforms (META 305.60, -3.27, -1.1%).

META market cap is more than three times the combined size of AT&T, Verizon, and Lumen Technologies.