NEW YORK, June 21, 2026, 12:09 p.m. EDT
- AT&T closed the holiday-shortened week at $22.01, trading close to its 52-week low.
- California is still pushing back on AT&T’s copper-wire shutdown, keeping some regulatory risk on the table.
- Investors watch for Monday’s reopening, with peer pricing pressure and a July earnings date also ahead.
AT&T shares start the week weighed down, after finishing Thursday at $22.01, down 1.92% on the session and about 6.7% below last Friday’s close. That’s a bigger-than-usual drop for a stock often seen as defensive. The price hit $21.99 intraday, matching the low end of the stock’s 52-week range. Volume topped 94 million shares.
Timing is in focus. U.S. markets shut Friday for Juneteenth and won’t open again until Monday, making Thursday’s action the last major move before the next session. NYSE trading hours are 9:30 a.m. to 4 p.m. Eastern. AT&T underperformed even as the S&P 500 climbed 1.08% and the Nasdaq jumped 1.91% on Thursday, Reuters said.
California regulators are the latest overhang for the company. The California Public Utilities Commission told a U.S. court and the FCC to reject AT&T’s request to end copper-wire phone service for new customers, Reuters reported. The fight is over “carrier of last resort” rules that require basic service. AT&T says it spends about $1 billion a year to keep the legacy network running, even though it now serves just 3% of homes in its California footprint. Reuters
That gets straight to the investment pitch. AT&T is telling investors to focus on fiber, 5G, and cash returns. Holding onto old copper lines longer would lock up more cash and management focus in a segment AT&T is aiming to wind down, though regulators push back that some at-risk customers still need copper as a backup.
AT&T announced a CFO change this week. Pascal Desroches plans to retire at the end of 2026, with Jennifer Biry set to step in as finance chief at the start of 2027. Biry is a veteran at AT&T and served as CFO at WarnerMedia. The shift has weight for shareholders since the new CFO will take on the company’s debt, dividend, and network spending trade-offs.
Competition still looks tough. Verizon said last week it will offer simpler plans, cut activation and upgrade fees and start a new loyalty program. Reuters linked this to Verizon’s push against AT&T and T-Mobile as the U.S. wireless market gets crowded. Alfonso Villanueva, interim CEO of Verizon Consumer Group, told Reuters the real question is, “How do we create a value proposition” for every customer group. Reuters
AT&T is sticking with convergence, pushing to get households to buy both wireless and broadband, and betting on a big fiber rollout. Speaking at a Mizuho event this month, Desroches said AT&T is building what he called a “network for the future.” He said fiber is now AT&T’s main broadband play, and argued customers who use both fiber and wireless churn less — that is, they cancel less often. AT&T Investor Relations
AT&T’s next big financial report is about a month out. The company is set to announce second-quarter earnings before the NYSE opens on July 22, with a call scheduled for 8:30 a.m. ET. AT&T has told investors it sees second-quarter free cash flow coming in between $4.0 billion and $4.5 billion. It’s also looking for stronger year-over-year growth in wireless service revenue and adjusted EBITDA, which strips out interest, taxes, depreciation and amortization.
The setup could swing the other direction too. Delays in copper retirement in California or elsewhere could push out cost savings. Verizon and T-Mobile pressuring for more discounts could squeeze margins. And if subscriber numbers for July miss expectations, even with a low share price, buyers might not come back right away.
AT&T heads into Monday trading with its shares at $22. The key for the stock is whether investors see $22 as a bargain or a red flag. The market is showing a stronger tone after Thursday’s rally. But AT&T still faces plenty of uncertainty.
