AT&T (T) NewsBite - AT&T Falls on Sprint-Nextel Loss, Qwest Forecast

Posted on Wednesday, August 06, 2008 11:37 AM

AT&T (NYSE: T) opened at $30.90. So far today, the stock has hit a low of $30.46 and a high of $31.39. T is now trading at $30.55, down $0.50 (-1.61 %). Over the last 52 weeks the stock has ranged from a low of $29.72 to a high of $42.97. Shares of T are declining with other telecom stocks after competitor Sprint Nextel Corp. (S) posted a quarterly loss and Qwest Communications (Q) cut its sales growth forecast to -2.5% from -2%. Technical indicators for the stock are bullish and S&P gives T a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on T the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 35 range. [ABR-Seven Summits Strategic Investments NewsBite]