AT&T RISES AFTER SHAREHOLDER ELLIOTT MANAGEMENT TAKES $3.2B STAKE
AT&T’s stock is currently trading at 37.30-higher by 2.90% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 5.88%. The stock has pared some of its earlier gains after the opening bell.
The telecom giant’s stock surged today after its shareholder Elliott Management announced it owns $3.2 billion in underperforming AT&T’s stock. Elliott Management also said it hopes to help the wireless carrier cut unneeded assets. The activist investor said it sent a letter to AT&T’s board and argued for ways it can improve its business. The hedge fund said AT&T could achieve a value per share of more than $60 by the end of 2021 if it follows the shareholder’s plan.
On the technical front, the RSI is currently at 76.02% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 37.20 TAKE PROFIT AT 37.42 STOP LOSS AT 37.09