AT&T shares close lower on Tuesday, company to launch a second 5G smart phone in 2019

AT&T said on Tuesday that it was cooperating with Samsung to launch a standards-based 5G smart phone during the first half of 2019. A day later the company said that another 5G device from Samsung would be launched next year, possibly during the second half.

This new device will be able to access both 5G mmWave and sub-6 GHz, AT&T noted.

AT&T shares closed lower for the fourth time in the past twelve trading sessions in New York on Tuesday. It has also been the steepest daily loss since October 24th. The stock went down 3.09% ($0.98) to $30.73, after touching an intraday low at $30.67, or a price level not seen since November 29th ($30.20).

Shares of AT&T Inc have retreated 20.96% so far in 2018 compared with a 0.99% gain for the benchmark index, S&P 500 (SPX).

In 2017, AT&T Inc’s stock fell 8.58%, thus, it again underperformed the S&P 500, which registered a 19.42% return.

“5G is going to be about more than just a network. Customers will eventually be able to connect in near real-time to unforeseen possibilities,” David Christopher, President of AT&T Mobility and Entertainment, said in a statement.

“Together with Samsung, we plan to bring the best in technology and innovation to our customers. The future we imagine with 5G is just beginning, and it is a great time to be a consumer,” Christopher added.

The company had said that the standards-based mobile 5G service would be made available in 12 markets in 2018, while it would be expanded to parts of 7 additional markets during the first half of 2019.

According to CNN Money, the 26 analysts, offering 12-month forecasts regarding AT&T Inc’s stock price, have a median target of $34.50, with a high estimate of $43.00 and a low estimate of $22.00. The median estimate represents a 12.27% upside compared to the closing price of $30.73 on December 4th.

The same media also reported that 16 out of 31 surveyed investment analysts had rated AT&T Inc’s stock as “Hold”, while 9 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for AT&T Inc (T) are presented as follows:

Central Pivot Point – $30.77
R1 – $31.90
R2 – $32.56
R3 – $33.69
R4 – $34.82

S1 – $30.11
S2 – $28.98
S3 – $28.32
S4 – $27.66