Why AT&T Stock Dropped Today

Shares of AT&T (NYSE: T) have dropped today, down by 6% as of 11:30 a.m. EDT, after the company said it would cancel a previously announced stock buyback plan due to uncertainties around the COVID-19 pandemic. The telecommunications and media giant also said it wasn't sure just how bad the outbreak's financial impacts would be.

AT&T had announced earlier this month that it had entered into an accelerated share repurchase (ASR) agreement to repurchase $4 billion in stock. Ma Bell has now nixed that plan.

Image source: AT&T.

Source Fool.com