Diamonds and Dogs
10/23/24
AT&T (T) is up 4% to a new recent high after beating earnings estimates, but missing on sales. Service revenue growth from subscriber and average revenue per user gains were more than offset by lower equipment revenue. Free cash flow was strong with $5.1 billion beating Wall Street estimates of $4.3 billion. The company said it still expects to achieve free cash flow for the year of between $17 billion and $18 billion. Cash is king.
McDonalds (MCD) is down 5% after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak tied to the fast-food giant's Quarter Pounder burgers has resulted in 10 hospitalizations and one death. Coca-Cola, a distributor for McDonalds as well following third-quarter earnings beat.
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