Why AT&T Stock Fell Hard Today
Shares of AT&T (NYSE: T) plummeted this morning after Discovery Communications officially closed on the deal to acquire WarnerMedia from the telecom giant, creating a new company called Warner Bros. Discovery.
AT&T's stock was down by 19.2% as of 11:08 a.m. ET.
It's not as if investors weren't aware that AT&T was selling WarnerMedia to Discovery -- the $43 billion deal was announced back in February -- but it's clear that some investors don't see a need to hold onto their AT&T shares now that the deal has officially closed.
Source Fool.com
