By The recent investigation by The Wall Street Journal has had a significant impact on telecommunications companies in the United States. Shares of AT&T, Frontier Communications, Lumen Technologies, and others have seen a continued decline as analysts respond to the findings.
Toxic Lead Cables Controversy
The investigation revealed that U.S. phone companies have left behind a network of cables covered in toxic lead. This has raised environmental and public health concerns, leading to the decline in stock prices for these companies.
AT&T’s Lowest Level in Years
AT&T shares reached their lowest level in approximately 30 years as a result of the controversy. Both AT&T and USTelecom, an industry group, have created webpages in an attempt to dispute the environmental and public health impacts associated with the lead cables.
ARK Investment Management Reduces Stake in Twitter
In other news, Cathie Wood’s ARK Investment Management has reduced its stake in Twitter by 47%. This decision was made following Elon Musk’s move to take the social media company private last year.
Mixed Performance for “Mission: Impossible” Summer Blockbuster
The opening weekend numbers for Tom Cruise’s highly anticipated summer blockbuster, “Mission: Impossible,” fell behind the performances of Spider-Man and other franchises. The film earned $56.2 million in the U.S. from Friday to Sunday, making it the top performer of the weekend.
Conclusion
The telecommunications industry continues to face challenges as environmental concerns come to light. Telecom companies are experiencing stock price declines due to the revelations about toxic lead cables. Additionally, ARK Investment Management has reduced its stake in Twitter, and the opening weekend of “Mission: Impossible” did not meet expectations.
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