AT&T stock fell to its lowest level since 1993 on Tuesday, extending its losses following a report earlier this month that some of the country’s largest network providers left thousands of lead-covered cables in several locations across the United States
The Wall Street Journal on July 9 reported that companies including Verizon and AT&T have left cables coated in lead from the Bell System’s telephone network in the US’s ground, water and on transmission poles. That prompted a flurry of downgrades from analysts that in turn helped spur a steep sell-off in telecom stocks. Since the investigation’s publication, AT&T shares have tumbled roughly 14%, Verizon fell 10% and Frontier Communications slid 33%.
“The scientific literature and reliable studies in the U.S. and abroad give no reason to believe that these cables pose a public health issue or a risk to workers when appropriate safety measures are in place,” the company said. Verizon did not immediately respond to a request for comment. “There will be clear financial and reputational risks for telecommunication companies.
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