AT&T stock drops toward 11-year low, as dividend yield rises further above 8%

Shares of AT&T Inc. T, -0.69% dropped 0.6% successful day trading Wednesday, putting them connected way to endure the longest losing streak successful a year, and arsenic they headed for the lowest adjacent since July 2010. The banal has shed 7.5% implicit the past six sessions, which would beryllium the longest agelong of losses since the nine-day nonaccomplishment streak that ended Oct. 21, 2020. The selloff has boosted AT&T's implied dividend output to 8.23%, making it the second-highest yielding banal successful the S&P 500 SPX, +0.13%, conscionable beneath chap communications institution Lumen Technologies Inc.'s LUMN, -0.46% output of 8.27%. That compares with the implied output for the S&P 500 of 1.39%. AT&T's banal selloff comes amid growing capitalist concerns implicit competition with cablegram companies, and implicit ramped up spending by telecommunications companies to physique retired their fibre networks. Shares of AT&T rival Verizon Communications Inc. VZ, -0.10% slipped 0.3% successful Wednesday day trading toward a 5th consecutive nonaccomplishment and the lowest adjacent since March 2020, portion pushing up its implied dividend output to 5.00%.