Zinger Key Points
- Shares of Verizon and AT&T fall sharply late in Thursday's session.
- The price drop is linked to a WSJ report suggesting that the EPA sent letters to the companies regarding lead-sheathed cables.
- Feel unsure about the market’s next move? Copy trade alerts from Matt Maley—a Wall Street veteran who consistently finds profits in volatile markets. Claim your 7-day free trial now.
Verizon Communications Inc. VZ and AT&T Inc. T shares traded lower on Thursday following a Wall Street Journal report suggesting the Environmental Protection Agency (EPA) sent letters requesting to meet with telecom companies regarding lead-sheathed cables.
What To Know: According to the report released Thursday afternoon, the EPA has previously discovered, "more than 100 soil and sediment readings with lead above the regulator’s safety guideline for children at some phone lead-cable sites identified by The Wall Street Journal in three states."
The letters sent to the two companies represent the next step in the agency's probe which aims to safeguard the public from possible lead dangers.
Shares of both stocks fell sharply late in Thursday's trading session in response to the news.
Related Link: Morgan Stanley Is Expected To Resolve Block Trade Investigation With Multi-Million Dollar Payment
VZ, T Price Action: Shares of Verizon were down 2.99% at $37.91 while shares of AT&T were down 3.76% at $16.24 at the close of the market, according to Benzinga Pro.
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