Why Traders Are Talking About AT&T Inc. (T) Today

AT&T Inc. (NYSE:T) is in the spotlight after senior executive vice president of external and legislative affairs Bob Quinn had the following to say about Congress controversially repealing a regulation that would have stipulated ISPs to get permission from consumers before selling their various data:

Given the Beltway reaction to the commendable work by Congress to reverse the FCC’s off-course privacy rules, it’s worth taking a step back to see what’s really going on. First and foremost, all of the rhetoric that asserts – without any factual support – that the CRA vote suddenly eliminated consumer privacy protections is just plain wrong. The reality is that the FCC’s new broadband privacy rules had not yet even taken effect. And no one is saying there shouldn’t be any rules. Supporters of this action all agree that the rescinded FCC rules should be replaced by a return to the long-standing Federal Trade Commission approach…

AT&T’s privacy protections are the same today as they were five months ago when the FCC rules were adopted. We had the same protections in place the day before the Congressional resolution was passed, and we will have the same protections the day after President Trump signs the CRA into law. The Congressional action had zero effect on the privacy protections afforded to consumers

AT&T Inc. (NYSE:T) sells internet to many Americans and would benefit if it could sell more consumer data (most Americans hope that the data will be aggregated and anonymous however, rather than specific. In that regard, Quinn’s blog post didn’t address that point).

What Does The Smart Money Sentiment Say?

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Of the 742 elite funds we track, 48 funds owned $2.79 billion of AT&T Inc. (NYSE:T) and accounted for 1.10% of the float on December 31, versus 51 funds and $2.55 billion respectively on September 30.

The Bottom Line

AT&T Inc. (NYSE:T) is in the spotlight after it defended itself, saying that its privacy protections are basically still the same as before. For more reading, check out the ‘11 Best Virtual Reality Games For iPhone‘.

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