Some investors hung up on AT&T Thursday. The telecom heavyweight said it saw signs of businesses and consumers.
Corporate cost-cutting and layoffs are weighing on business demand for wireless plans, and some Americans—particularly those with lower incomes—are tightening their budgets and delaying upgrades. AT&T shares dropped 10% Thursday—the largest percentage decrease since Dec. 19, 2000—while Verizon Communications Inc. lost 3.7% and T-Mobile US Inc. fell 1.9%.
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