Why AT&T Stock Dropped Today
Shares of AT&T (NYSE: T) fell on Tuesday after the telecom titan said it would cut its cash payout to shareholders following the planned spinoff of its WarnerMedia business.
As of 2:40 p.m. ET, AT&T's stock price was down more than 4%.
AT&T will merge its media operations, including its fast-growing HBO Max streaming service, with Discovery (NASDAQ: DISCA) (NASDAQ: DISC.B) (NASDAQ: DISCK). The $43 billion transaction will create a powerful competitor to Netflix and Disney in the streaming arena.
Source Fool.com
