AT&T jumps in premarket trade as activist Elliott Management calls for changes
Shares of AT&T Inc. T, +1.00% soared 8.4% in premarket trading Monday, after activist investor Elliott Management outlined a "value-creation opportunity" that it believes could lift the telecom and media giant's stock by more than 65% to a record high. Elliott, which manages funds that beneficially own $3.2 billion worth of AT&T stock, which is about 1.2% of AT&T's $264.9 billion in market capitalization as of Friday's stock closing price of $36.
25, said the stock is "deeply undervalued," as the company's "world-class collection of assets" are priced at historically discounted levels. Elliott says its "Activating AT&T Plan" recommends increased strategic focus, improved operational efficiency, a formal capital allocation framework and enhanced leadership and oversight.
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