AT&T May Tumble Further as we are the top loser in the S&P 500 on Thursday. The stock finished the session on its lows for the day after opening with a very damaging downside gap. T is looking quite vulnerable to further downside. Investors should keep a close eye on the 2017 lows as this plays out. A clear break of key support here could lead the a deep sell off.
This company is on life support, borrowing time, if the merger were approved it would cost countless american jobs. It's been argued that AT&T's being allowed to extend its monopoly privileges into electronic publishing could have serious deleterious effects on First Amendment rights, that AT&T would then be in the position of limiting and controlling information. Obviously the public had no idea what divestiture was sure to bring—poorer and more costly service. What has happened could not have been perpetrated without a conspiracy of silence by the press that was supported actively or passively by the FCC, the Justice Department, state regulatory commissions, and indirectly even by AT&T.
Not that everyone was silent. There were individuals, author Constantine Kraus included, who tried over the years to alert the public to what was happening. Articles were submitted to leading publications, columnists, and government leaders. But nothing came of them. One exception was an article, "Social Consciousness in Communications Engineering," that did see the light of day in the Institute of Electrical and Electronic Engineers Communications magazine, iThe article correctly predicted the outcome of the emerging telecommunications policies of the government and accurately forecast how the public would be affected. It explained why long distance competition amounts to stealing from the poor to benefit the rich, and why competition in public utility operations forces the consumer to pay for the sum of the costs of all competitors.
If our esteemed government representatives read the article, they disregarded it, just as they disregarded the economic truths revealed in it.