Stocks Crossing The 13 Week Moving Average <$10.01 Message Board

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Strategies & Market Trends : Stocks Crossing The 13 Week Moving Average <$10.01

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To: ALTERN8 who wrote (13064)	7/22/2004 10:19:17 PM
From: Bucky Katt	Read Replies (1) of 13094

T is hurting> TROUBLE AHEAD, TROUBLE BEHIND AT&T's second-quarter earnings, released Thursday, illustrated many of its challenges. Its profits fell 80 percent to $108 million, or 14 cents a share, from $536 million, or 68 cents a share, a year earlier. Revenue declined 13.2 percent to $7.6 billion, thanks to a bruising price war in markets for business services from a revived MCI Corp. and the Bells, which have successfully garnered a sizable share of the residential long-distance business and have now set their sights on high-margin business clients. AT&T Chief Financial Officer Tom Horton said the company increased its share of corporate customers but lost some smaller and medium business clients to the Bells. Business revenue fell 13 percent to $5.6 billion, driven by an 18 percent decrease in long-distance revenue. Revenue in its consumer business fell 15 percent to $2 billion, mostly from strong Bell competition. SBC said Tuesday it had gained 1.4 million long-distance customers in the quarter. The results caused Fitch Ratings to cut its rating on AT&T to "junk," and Standard & Poor's said it was considering similar moves. AT&T said it had cut net debt by $500 million to $7.9 billion during the quarter.

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