NEW YORK, July 3, 2026, 04:22 EDT
- U.S. stock markets are shut Friday for the Independence Day holiday. AT&T’s next stock event is the common dividend record date, set for July 10.
- AT&T dropped 9.4% this week, logging its steepest weekly loss since July 2022. The S&P 500 added 1.8%.
- AT&T’s slide to $20.58 for the week wipes out nearly $15.0 billion in market cap—almost 86% of Charter’s total equity value now.
U.S. markets are closed Friday as the New York Stock Exchange marked July 3 as Independence Day observed. AT&T Inc. NYSE:T won’t trade. The stock last changed hands at $20.58 after Thursday’s close, leaving it down 9.4% for the week, per Dow Jones Market Data cited by MarketWatch.
The lost equity is harder to spot. AT&T has a $144.6 billion market cap and a $20.58 share price, which suggests about 7.03 billion shares. After a 9.4% drop, last week’s price would have been close to $22.72, wiping out about $15.0 billion in value. That’s almost as much as all of Charter Communications Inc. NASDAQ:CHTR, which has a $17.4 billion market cap.
MarketWatch data and AP numbers break out how telecom traded vs the rest of the market:
| Holiday-week move | Figure |
|---|---|
| AT&T Inc. NYSE:T | dropped 9.4%, biggest weekly loss since July 22, 2022 |
| Verizon Communications Inc. NYSE:VZ | fell 8.6%, largest drop since Oct. 10, 2025 |
| S&P 500 | rose 1.8% on the week |
| Nasdaq Composite | up 2.1% for the week |
| Dow Jones Industrial Average | gained 2.0% for the week |
This wasn’t about a new earnings release from AT&T. What rattled markets was the idea that SpaceX NASDAQ:SPCX may be pushing further into wireless, beyond just satellites. Reuters reported SpaceX and Charter held senior talks on a U.S. consumer mobile deal, and that SpaceX told some investors it’s planning a Starlink mobile service to rival Verizon, AT&T and T-Mobile US Inc. NASDAQ:TMUS.
That’s a small share of usage fueling a big market move. MarketWatch said T-Mobile reported just 0.0002% of its May network usage came from satellite service, and the carrier’s exclusive deal with SpaceX ends this month. Still, AT&T’s $15 billion drop shows investors are betting on the potential of Starlink mobile, not today’s satellite traffic.
Oppenheimer’s Timothy Horan downgraded AT&T to Perform from Outperform last month and dropped his $32 price target. “We think longer-term broadband subscriber growth and eventually mobile is at risk,” Horan wrote, noting competition from low-earth-orbit satellite systems. Barron’s
AT&T execs say satellite is just an add-on and not a replacement for regular service. AT&T CFO Pascal Desroches called satellite a “great solution” for hard-to-reach rural spots where other options aren’t available, speaking at a conference last month, according to MarketWatch. MarketWatch
AT&T is pushing a carrier-driven satellite plan. In May, AT&T, T-Mobile and Verizon said they have a deal in principle for a joint venture. The plan would use satellite direct-to-device tech to fill coverage holes. AT&T CEO John Stankey said the aim is to “make staying connected simple, no matter where you are.” Verizon CEO Dan Schulman said the effort is “not just closing gaps on a map.” AT&T Newsroom
Now the numbers around AT&T’s income stack up right next to its Starlink exposure:
| AT&T stock setup | Latest figure |
|---|---|
| Shares last traded at | $20.58 |
| Total market cap | $144.6 billion |
| Price before the week | $22.72 |
| Market value lost this week | $15.0 billion |
| Quarterly dividend per share | $0.2775 a share |
| Yield based on $20.58 | 5.4% |
| Dividend record cutoff | July 10, 2026 |
| Q2 results scheduled | July 22, 2026 |
AT&T said on June 24 it will pay a $0.2775 per share quarterly dividend, with a record date of July 10 and payment on Aug. 3. The yield is up since shares have dropped. At $20.58, the annual yield is roughly 5.4% if the company keeps paying at this rate.
Short week for trading, but plenty of questions around the stocks. AT&T is set to post Q2 numbers before the NYSE bell on July 22, with its earnings call scheduled for 8:30 a.m. ET. Last quarter, the company showed $31.5 billion revenue, $11.8 billion in adjusted EBITDA, $2.5 billion free cash flow, and net adds of 294,000 postpaid phone lines and 584,000 advanced connectivity internet customers.
AT&T is sticking to its 2026 outlook for adjusted EPS of $2.25 to $2.35 and capex between $23 billion and $24 billion. The company’s next scheduled update is its July 22 call, where management could address if the fiber and wireless bundles are still holding up subscriber numbers and prices as Starlink mobile risk weighs on the shares.
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