AT&T stock heads for longest losing streak since 2020

Shares of AT&T Inc.
T,
-2.47%
are down 3.4% in Thursday afternoon trading and on track to log a decline for the seventh-straight trading session. That would mark the stock’s longest losing streak since the 10-session stretch that ended Oct. 21, 2020, according to Dow Jones Market Data. AT&T shares have lost 11.0% in the current seven-day slide, while the S&P 500
SPX,
-3.25%,
which is down in six of the last seven sessions, is off 11.9% over the same stretch. AT&T earlier this week provided new commentary on its business, with Chief Financial Officer Pascal Desroches sharing at a Credit Suisse conference that AT&T is still seeing healthy demand among consumers even though the company still expects that growth in postpaid subscribers this year won’t match 2021 levels, according to an AT&T press release from Tuesday. AT&T expected greater-than-usual inflation when it created its budget for the year and introduced recent price increases in response to higher-than-anticipated inflation levels, per the release, which noted that AT&T has other ways to tackle inflation over the course of the year, including through cost-savings moves. Shares of the telecommunications giant have increased 7.3% over the past three months as the S&P 500 has lost 16.1%.