Why AT&T Stock Rallied 10.6% in September
Shares of AT (NYSE: T) jumped 10.6% in September, according to data provided by S&P Global Market Intelligence. A couple of factors drove that rally. AT agreed to sell its remaining stake in DirecTV to its partner. The company also provided investors with an optimistic outlook for what's ahead.
Here's a closer look at why these catalysts drove the telecom stock higher last month.
After much speculation, AT&T revealed that it agreed to sell its remaining stake in DirecTV to its partner TPG. The company expects to receive about $7.6 billion in cash payments for its 70% interest in the satellite TV provider. The transaction should close in the second half of next year. However, it will receive the cash payments in stages through 2029.
Source Fool.com
