AT&T shares close higher on Thursday, company to launch “5G Evolution” in 99 new markets

October 5, 2018 7:49 am

AT&T Inc (T) announced on Thursday that it had named 99 new markets where 5G Evolution technology would be introduced. This way 5G Evolution will cover a total of 239 markets, AT&T said.

AT&T shares closed higher for the seventh time in the past eleven trading sessions in New York on Thursday. The stock went up 0.59% ($0.20) to $34.12, after touching an intraday high at $34.14, or a price level not seen since September 25th ($34.19).

Shares of AT&T Inc have retreated 12.24% so far in 2018 compared with an 8.53% gain for the underlying 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.

AT&T said it intended to launch 5G Evolution in more than 400 markets by the end of this year and to offer nationwide coverage during the first half of 2019, thus, enabling more than 200 million people to take advantage of the new technology.

5G Evolution allows for peak theoretical wireless speeds of at least 400 megabits per second.

Additionally, the company said it had extended availability of its “LTE-LAA technology to now offer a better wireless experience through LTE-LAA wireless technology in parts of 20 cities, coming to at least 24 cities this year.”

The LTE-LAA technology allows for a peak theoretical wireless speed for capable devices of 1 gigabit per second.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding AT&T Inc’s stock price, have a median target of $36.00, with a high estimate of $43.00 and a low estimate of $25.00. The median estimate represents a 5.51% upside compared to the closing price of $34.12 on October 4th.

The same media also reported that 16 out of 31 surveyed investment analysts had rated AT&T Inc’s stock as “Hold”, while 10 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the AT&T stock are presented as follows:

R1 – $34.18
R2 – $34.23
R3 (Range Resistance – Sell) – $34.29
R4 (Long Breakout) – $34.45
R5 (Breakout Target 1) – $34.64
R6 (Breakout Target 2) – $34.73

S1 – $34.07
S2 – $34.01
S3 (Range Support – Buy) – $33.96
S4 (Short Breakout) – $33.79
S5 (Breakout Target 1) – $33.60
S6 (Breakout Target 2) – $33.51

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

Central Pivot Point – $33.71
R1 – $34.15
R2 – $34.72
R3 – $35.16
R4 – $35.60

S1 – $33.14
S2 – $32.70
S3 – $32.13
S4 – $31.56

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