AT&T Stock Has Been Quietly Rallying Since the Start of July. After a Strong Q2, Is It Due to Soar Even Higher?
The company's recent earnings report may have eased the market's concerns about the business.
Overview
When Space Exploration Technologies Corp (NASDAQ: SPCX), also known as SpaceX, went public last month, telecom stocks went into a bit of a free fall, as there were growing concerns that it would disrupt the sector. AT&T (NYSE: T), a leader in the space, fell by more than 12% between when SpaceX went public and the end of June.
However, as SpaceX has been struggling of late, AT&T has been bouncing back in a huge way. While SpaceX has crashed 34% since the start of July, AT&T has soared 18%. It may be a coincidence, of course, but it's an intriguing correlation to watch out for. The company is also coming off a solid quarter, highlighting its financial strength and overall resilience. Could the rally for AT&T's stock just be getting started?
Image source: Getty Images.
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Originally published at www.fool.com.
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