AT&T Plummets as Sales Miss Estimates on Verizon Competition
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AT&T Inc., the largest U.S. phone company, had its biggest one-day drop in four years as first-quarter revenue missed analysts’ estimates, dragged down by sluggish landline sales and competition with Verizon Wireless.
AT&T slid 5 percent to $37.04 at the close in New York, the biggest decline since February 2009. The stock has climbed 9.9 percent this year, compared with an 15 percent gain for the Standard & Poor’s 500 Index.