Sell-Off Alert On Ford, AT&T, And Verizon

12/17/2024 10:11:29 AM

(MENAFN- Baystreet) The all-time highs in shares of Tesla (TSLA) cast a shadow on the automotive industry. Ford Motor (F) closed below $10.00 for the first time since August. Markets are pricing in the end of Biden-era electric vehicle emission policies. That would undermine the billions that both Ford and General Motors (GM) spent on EVs.

Tesla's strong stock performance lifted Rivian (RIVN). Rivian could grow well in the truck EV market. It may also supply vehicles to Amazon (AMZN). Volkswagen (VLKAF) and Rivian have a joint venture, where the former invested $5.8 billion.

AT&T (T) risks breaking down from an uptrend that started in April 2024. The firm benefited from Morgan Stanley initiating a bullish rating on both AT&T and T-Mobile (TMUS). Despite the $28 price target, or 40% upside, T stock dropped by 3.34% on Monday.

Verizon (VZ) dropped by 3.31% and is at risk of breaking below the bottom of its $40 - $44 trading range. The stock does not trade ex-dividend until January 10, 2025. Shareholders get a $0.6775 dividend that yields 6.32%. VZ stock likely fell in sympathy with dividend income stocks. BCE (BCE), fell by 3.86% to close at $23.86. T-Mobile stock fell slightly on the day, down by 1.06%.

In the long term, Verizon has a strong broadband strategy in fixed wireless and fiber.

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