On July 30, AT&T Inc fell 3.1% in regular trading, trading at approximately $23.90/share, with turnover of $8.82 billion.

The decline follows AT&T's announcement on July 29 that it completed its approximately $23 billion acquisition of wireless spectrum licenses from EchoStar, obtaining about 30 MHz of nationwide 3.45 GHz mid-band spectrum and about 20 MHz of nationwide 600 MHz low-band spectrum. SEC filings revealed AT&T drew $14.5 billion from a $17.5 billion credit facility to finance the deal, while also launching a multi-currency bond offering of at least 2 billion euros across euro and sterling-denominated tranches with maturities ranging from 4 to 26 years.

The aggressive debt-funded acquisition has prompted analyst downgrades. Citi previously cut its price target from $31.5 to $28, while Daiwa Securities lowered its target to $23, maintaining a neutral rating. Despite strong Q2 results reported on July 22 — with adjusted EPS of $0.65 beating the $0.59 estimate and postpaid phone net adds of 432,000 exceeding expectations — the market's focus has shifted to balance sheet concerns stemming from the substantial leverage increase.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)