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Morning Commentary: AT&T notes up as antitrust trial goes to closing arguments; Citigroup gains
By James McCandless
San Antonio, April 30 – AT&T Inc.’s 5.35% global notes due 2066 were up in early trading, with about 63,000 notes changing hands, as closing arguments in the company’s antitrust trial against the Department of Justice take place Monday. The company has been trying to prove that its attempted merger with Time Warner is necessary to compete against internet companies and would not harm consumers.
Another antitrust probe has opened over whether or not the company is cooperating with Verizon to make it difficult for consumers to switch wireless carriers.
The company is also reeling from a disappointing first-quarter report, posting a $1 billion revenue loss and lower-than-expected earnings.
AT&T’s $25-par notes were up 3 cents to $24.56.
Citigroup Inc.’s 7.875% fixed-to-floating rate trust preferred securities were leading a positive but quiet market with about 36,000 shares changing hands Monday morning.
Last week, the company began its search to find a replacement for board chairman Mike O'Neill, who has indicated that he will retire within 12 months.
The preferreds were up 6 cents in early trading at $26.88.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.13% in early trading after losing 0.12% at market close on Friday.
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