New York, May 17, 2026, 13:06 (EDT)
AT&T Inc. starts the week on the back foot, with shares ending Friday at $24.03, down 2.52%. That pushed the stock about 4.5% lower over the week compared with the previous Friday. Shares fell in four out of five sessions last week, despite the company picking up new regulatory and strategic wins tied to its 5G and satellite coverage efforts.
The New York Stock Exchange is closed Sunday. Trading picks up again Monday, 9:30 a.m. to 4 p.m. EDT. The first live print could signal whether traders see last week’s fall as broader risk-off or as investors getting spooked about AT&T’s spending plans.
Stock losses deepened Friday. U.S. shares fell as oil and bond yields climbed. The S&P 500 dropped 1.2%, taking a loss for the session but managed a 0.1% weekly gain. The Dow and Nasdaq were both down for the week.
Kenny Polcari, chief market strategist at Slatestone Wealth, told Reuters the market realized it had “gotten way ahead of itself.” For AT&T, which investors partly hold for its dividend, rising yields can make its payouts look less attractive since safer income is available elsewhere. Reuters
FCC cleared EchoStar’s $40 billion deal to sell wireless spectrum to SpaceX and AT&T. AT&T will pay $23 billion for about 50 megahertz. The spectrum package covers licensed airwaves used for mobile, with mid-band for speed and reach and low-band for distance and rural use.
AT&T said it’s working with Verizon and T-Mobile on a deal in principle for a new satellite-focused joint venture that aims to cut dead zones. The plan is for direct-to-device, or D2D, where a satellite can connect to a mobile without a nearby tower. “Staying connected simple,” AT&T CEO John Stankey said. T-Mobile CEO Srini Gopalan highlighted service in “more places, with fewer dead zones.” Verizon CEO Dan Schulman called it “resilient digital infrastructure.” AT&T Newsroom
Competition stayed in focus. Verizon slid 1.47% to $46.37 on Friday. T-Mobile was down 1.58% at $185.22, with both stocks part of a broader market selloff and the current satellite coverage story linking the three biggest U.S. wireless firms.
SpaceX is still the wild card. Fierce Network reported that the JV forms while the sector is watching Starlink move towards mobile. The publication also mentioned T-Mobile’s deal with Starlink, Verizon’s Skylo service, and both AT&T’s and Verizon’s ties to AST SpaceMobile.
AT&T’s balance sheet isn’t going away as a factor for the stock. The company posted $31.5 billion in revenue for the first quarter, with adjusted EBITDA at $11.8 billion and free cash flow at $2.5 billion. That free cash flow is what’s left after operating and capital spending. AT&T is still guiding for more than $18 billion in free cash flow in 2026, with $23 billion to $24 billion targeted for capital investment that year and share buybacks seen at about $8 billion.
AT&T has one item on the calendar this week. CEO John Stankey is set to speak at the J.P. Morgan Global Technology, Media and Communications Conference on May 19. Investors will be watching for any news on the EchoStar spectrum, satellite strategy, leverage and capital returns.
The deal isn’t locked in yet. The carrier JV is waiting on final agreements and closing steps. Companies pointed to risks like regulators, lawsuits, and extra costs. AT&T says leverage should get back to around 2.5 times net debt to adjusted EBITDA about three years after the EchoStar deal wraps, but investors could push back if cash flow drops or build costs come in heavy.
AT&T’s shares are wedged between two directions. On one side, it’s the usual story: a telecom name focused on dividends and cash flow, pushing to stay steady as rates climb. On the other, there’s a lot that’s less certain—AT&T trying to flex a bigger hand in spectrum, talking up satellite plans, and leaving investors to guess if and when the market pays for any of it before the payoff is clear.
