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Shares of AT&T and other telecommunications stocks rebounded in early trading after falling to multiyear lows yesterday.
AT&T, which finished Monday at its lowest close since February 1993, was recently up 2%. Verizon, which logged its lowest closing price since since September 2010, was up more than 4%.
The moves follow a Wall Street Journal investigation into toxic lead cables left behind by telecommunications companies, which has led some on Wall Street to express caution about liabilities those companies could face. (In a Monday note, Oppenheimer analysts referred to “a black hole of potential tort liability.”)
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