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The wireless business contributes nearly 70% of AT&T's revenue. The firm is the third-largest US wireless carrier, connecting 72 million postpaid and 17 million prepaid phone customers. Fixed-line enterprise services, which account for about 15% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential fixed-line services, about 11% of revenue, primarily consist of broadband internet access, serving 14 million customers. AT&T also has a sizable presence in Mexico, with 23 million customers, but this business only accounts for 4% of revenue. The firm recently agreed to sell its 70% equity stake in satellite television provider DirecTV to its partner, private equity firm TPG.

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Top executives from the U.S. telecom industry and national security officials gathered at the White House to address concerns over a Chinese cyber-espionage campaign targeting high-ranking U.S. political figures.
What Happened: Chinese hackers managed to breach&nbsp;major U.S. telecom providers to&nbsp;spy on phone calls and&nbsp;text messages. The meeting was an opportunity for telecom executives to propose ways the government could bolster its defenses against such advanced cyber-attacks, the White House stated.
According to the report <a href="https://edition.cnn.com/2024/11/23/politics/chinese-cyber-espionage-telecom-execs/index.html">by</a> CNN, the cyber-attack is seen as one of the most significant challenges to cyber and national security for the upcoming Donald Trump administration. A classified briefing for all senators has been scheduled for December 4, after Congress reconvenes from its recess next month.
&#8220;This is by far the worst telecom hack in our nation&#8217;s history,&#8221; Sen. Mark Warner (D-Va.), who chairs the Senate Intelligence Committee, told the outlet. The full scope of the hack, its implications, and the individuals affected are still being investigated.
According to Warner, the FBI has notified fewer than 150 victims, most in the Washington area. But all of those victims have likely called or sent texts to numerous people, meaning the number of records accessed by the hackers is likely far greater. The hackers could listen to the calls of specific targets for certain periods of time, said Warner.
Also Read: <a href="https://www.benzinga.com/news/24/05/38909612/possible-espionage-threat-us-officials-warn-of-chinese-interference-with-undersea-internet-cables-in">Possible Espionage Threat? US Officials Warn Of Chinese Interference With Undersea Internet Cables In Pacific</a>
US broadband and internet providers&nbsp;AT&amp;T&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>),&nbsp;Verizon&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), and&nbsp;Lumen&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) have all been victims of this hacking campaign. The hackers also targeted&nbsp;phone communications of senior figures&nbsp;from&nbsp;both the Republican and Democratic&nbsp;parties.
China has refuted the hacking allegations. However, U.S. officials continue to express concern about China&#8217;s hacking program, which, according to FBI Director Christopher Wray, is larger&nbsp;than those of all other&nbsp;major countries combined.
Why It Matters: This incident underscores the growing threat of cyber-espionage and the need for robust cybersecurity measures. 
The implications of such attacks are far-reaching, affecting not just the telecom industry but also the political landscape. 
As the investigation continues, it remains crucial for the US to strengthen its defenses against such sophisticated cyber-attacks.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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US Confronts Chinese Cyber-Espionage Threat: 'Worst Telecom Hack In Our Nation's History'

TMUS

FCC's $8B Phone Subsidy Will Get Supreme Court Scrutiny

DIRECTV announced Friday it would terminate its agreement to acquire EchoStar Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SATS#NASDAQ">SATS</a>) <a href="https://www.prnewswire.com/news-releases/directv-announces-termination-of-agreement-to-acquire-echostars-video-distribution-business-302313823.html" target="_blank" rel="noreferrer noopener">video distribution business, DISH DBS</a>. 
The decision follows DISH DBS noteholders&#8217; refusal to accept EchoStar&#8217;s proposed Exchange Debt Offer Terms, a critical condition for the deal to proceed. 
EchoStar stock tanked after the update.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/42137930/boeing-secures-238-billion-deal-for-advanced-kc-46a-tankers" rel="noreferrer noopener">Boeing Secures $2.38 Billion US Air Force Deal for Advanced KC-46A Tankers</a>
DirecTV CEO Bill Morrow said &#8220;the proposed Exchange Terms were necessary to protect DirecTV&#8217;s balance sheet and our operational flexibility.&#8221;
DirecTV <a target="_blank" href="https://www.benzinga.com/news/24/09/41094002/echostar-stock-dives-on-directv-dish-deal-the-details" rel="noreferrer noopener">agreed to acquire</a> EchoStar&#8217;s video business for $1 and assume Dish DBS&#8217;s net debt. The companies launched an exchange offer for five Dish DBS note series totaling approximately $9.75 billion in face value.
DirecTV plans to continue investing in next-generation streaming technologies and developing new packaging options integrating live TV with direct-to-consumer platforms. The company aims to provide customers with enhanced flexibility and tailored content options that align with evolving viewer preferences.
The termination of the DISH acquisition does not impact TPG&#8217;s plan to purchase the remaining 70% stake in DirecTV from AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>), which remains scheduled to close in the second half of 2025. This strategic move is expected to strengthen DirecTV&#8217;s market positioning further.
EchoStar reported a <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41905346/echostar-q3-earnings-and-sales-falter-but-gains-ground-with-sling-tv-subscribers" rel="noreferrer noopener">third-quarter loss</a> of 52 cents per share, missing analysts&#8217; expected loss of 37 cents. Revenue came in at $3.89 billion, a 5.3%, falling short of the $3.909 billion consensus estimate.
During the quarter, net Pay-TV subscribers declined by 43,000, while Sling TV added 145,000 new users. The company closed the period with 8.03 million Pay-TV subscribers, including 5.89 million for DISH TV and 2.14 million for Sling TV.
Price Action: EchoStar&#8217;s shares are trading lower by 3% to $22.86 at last check Friday.
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Image via DirecTV

SATS

EchoStar Shares Sink As DirecTV Terminates Acquisition Agreement

SurgePays, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SURG#NASDAQ">SURG</a>) shares are trading higher after the company inked a deal with AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) to provide mobile wireless, voice, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n42110967/surgepays-establishes-strategic-agreement-with-at-t" rel="noreferrer noopener">data, and messaging services</a>.
As per a multi-year mobile virtual network operator (MVNO) agreement, SurgePays will offer its customers reliable 4G LTE and 5G services using AT&amp;T&#8217;s wireless network, which covers over 99% of Americans in North America.
The AT&amp;T agreement enables SurgePays to empower other businesses to deliver MVNO wireless services while expanding into underserved and rural markets. Leveraging its vast network of convenience stores, bodegas, and neighborhood locations, SurgePays ensures easy access to prepaid wireless and financial products.
Brian Cox, Chairman and CEO, said, &#8220;Once service integration with AT&amp;T is complete, we will be able to provide services on a network that our customers can depend on to stay securely connected, whether they are existing SurgePays customers or new ones coming to us through our convenience store distribution channel, operation centers or online.&#8221;
&#8220;Back in July, we announced the hiring and appointment of&nbsp;Joseph Gomez&nbsp;as vice president of MVNO Operations,&#8221; added Cox. &#8220;Joe had served AT&amp;T for decades leading strategic initiatives, developing partnerships and overseeing national sales and distribution channels. He has wasted no time in following through on his charge of driving our MVNO strategy with a focus on market share growth.&#8221;
Price Action: SURG shares are up 17.1% at $1.71 at the last check Thursday.
Image sourced from Shutterstock
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SURG

SurgePays Teams Up With AT&T For Affordable Wireless Solutions Nationwide; Stock Gains

SurgePays Announces Agreement With AT&T, Enabling SurgePays To Offer Mobile Wireless, Voice, Data And Messaging Services

President-elect Donald Trump on Saturday picked Brendan Carr to become chairman of the <a href="https://www.benzinga.com/24/11/42029445/trump-names-pro-starlink-fcc-commissioner-brendan-carr-as-chairperson">Federal Communications Commission (FCC)</a>.
What To Know: Carr, the FCC's current top Republican commissioner, has worked at the organization since 2012 and is an outspoken supporter of free speech, deregulation and economic growth in the telecommunications sector. Carr wrote the FCC chapter of <a href="https://static.project2025.org/2025_MandateForLeadership_CHAPTER-28.pdf">Project 2025</a>, a conservative political initiative spearheaded by the Heritage Foundation.&nbsp;
Project 2025: In his chapter in Project 2025, Carr expressed his support for updating and eliminating obsolete regulations to empower the private sector in developing network infrastructure. He showed particular interest in promoting technologies like Elon Musk&#8217;s Starlink and Amazon.com, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Kuiper satellite internet services.&nbsp;
Read More: <a href="https://www.benzinga.com/etfs/24/11/42044642/trump-appears-frustrated-as-elon-musk-chimes-in-on-treasury-secretary-adds-more-names-to-a-list-of-potential-picks">Trump Appears &#8216;Frustrated&#8217; As Elon Musk Chimes In On Treasury Secretary, Adds More Names To Short List&nbsp;</a>
"This technology can beam a reliable, high-speed Internet signal to nearly any part of the globe at a fraction of the cost of other technologies. This has the potential to significantly accelerate efforts to end the digital divide and disrupt the federal regulatory and subsidy regime that applies to communications networks. The FCC should expedite its work to support this new technology by acting more quickly in its review and approval of applications to launch new satellites," Carr wrote in Project 2025.&nbsp;
Over the past year, Carr disagreed with Democratic FCC commissioners for <a href="https://www.benzinga.com/news/24/09/40672229/starlink-ineligible-for-nearly-900m-in-subsidies-says-fcc-spacex-ceo-elon-musk-says-it-is-flat-out-l">denying Starlink money</a> from a rural broadband subsidy program, including in this post on the social media platform, X:&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/bYTx3nBpft">pic.twitter.com/bYTx3nBpft</a>
&mdash; Brendan Carr (@BrendanCarrFCC) <a href="https://twitter.com/BrendanCarrFCC/status/1851691626743370042?ref_src=twsrc%5Etfw">October 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Carr also called out Vice President Kamala Harris for little progress on a $42 billion program to expand broadband access, for which the U.S. Department of Commerce determined Starlink had only limited eligibility.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In 2021, <a href="https://twitter.com/VP?ref_src=twsrc%5Etfw">@VP</a> Kamala Harris agreed to lead the Administration's $42 billion program to expand Internet service to millions of Americans. After 1&#xFE0F;&#x20E3;,0&#xFE0F;&#x20E3;7&#xFE0F;&#x20E3;9&#xFE0F;&#x20E3; days: 0&#xFE0F;&#x20E3; people have been connected 0&#xFE0F;&#x20E3; dollars have been spent building Internet infrastructure 0&#xFE0F;&#x20E3; projects are underway <a href="https://t.co/AdUaSOEodK">pic.twitter.com/AdUaSOEodK</a>
&mdash; Brendan Carr (@BrendanCarrFCC) <a href="https://twitter.com/BrendanCarrFCC/status/1851411463895986185?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Carr told POLITICO that <a href="https://www.politico.com/news/2024/10/18/elon-musk-brendan-carr-fcc-starlink-00184260">he believes</a> much of the broadband program's $42 billion should be used to develop land-based connections, but perhaps as much as one-third could be used for satellite internet.&nbsp;
DOGE: President-elect Trump created a new Department of Government Efficiency (DOGE) and tapped Musk and Vivek Ramaswamy to lead the department's efforts to reduce wasteful federal spending and streamline government operations. The DOGE may help to advance Carr's agenda of deregulation and empowerment of the private sector, including Musk's Starlink satellites.&nbsp;
In a recent interview on "The Joe Rogan Experience" podcast, Trump highlighted Starlink's potential to disrupt traditional land-based broadband technologies and the subsidies for providers like AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) and Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>).&nbsp;
"We're spending a trillion dollars to get cables all over the country, up to upstate areas where you have two farms, and they are spending millions of dollars to have a cable. Elon can do it for nothing," Trump said.&nbsp;
Read More:&nbsp;
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Photo: Shutterstock&nbsp;

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Trump's FCC Pick Could Cut 'Wasteful Broadband Spending' With Elon Musk's Starlink

AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) last week was in the news for the wrong reasons, as <a href="https://www.benzinga.com/media/24/11/41941228/att-data-breach-exposes-50-billion-records-hackers-identified-ransom-paid">hackers gained unauthorized access to its data systems</a>.
There is 5%-6% upside to the Street's EBITDA estimates for the company and improving growth could drive "double-digit annualized returns for the stock," according to Goldman Sachs.
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5805f8a2846faa000106ab15/james-schneider">Analyst James Schneider</a> maintained a Buy rating and price target of $25.
The AT&amp;T Thesis: Both competitive intensity and capital intensity have moderated in the U.S. wireless industry, and this trend is expected to be sustainable, Schneider said in the note.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
"AT&amp;T is the most aggressive builder of fiber in the United States today, which should drive accelerating broadband revenue growth while stemming legacy losses," the analyst wrote. The company is cross-selling fiber and wireless to generate "strong returns on a per-customer basis," he added.
As the company executes on its copper decommissioning plan, Wireline margins could expand, despite a decline in legacy revenues, Schneider stated. "We believe AT&amp;T could generate $4.5 bn in cost savings," he further wrote.
T Price Action: Shares of AT&amp;T had risen by 1.561% to $23.04 at the time of publication on Monday.
Read More: 
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<li><a href="https://www.benzinga.com/24/11/42022124/t-mobile-hit-by-chinese-hackers-after-rivals-att-verizon-suffer-breach-report">T-Mobile Hit By Chinese Hackers After Rivals AT&amp;T, Verizon Suffer Breach: Report</a></li>
</ul>
Photo: Jason Taylor AG/Shutterstock.com

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Analyst Ratings

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AT&T Leverages Fiber Expansion, Analyst Forecasts Strong Returns

A major cyber-espionage operation linked to Chinese intelligence has reportedly infiltrated T-Mobile US Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and other telecom giants, including rivals AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) and Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) <a href="https://www.benzinga.com/news/24/10/41200026/chinese-hackers-breach-at-t-verizon-networks-in-major-wiretap-data-theft-putting-us-national-securit">suffered a similar breach</a>, raising significant national security concerns.
What Happened: T-Mobile&#8217;s network was compromised in a large-scale cyber-espionage operation attributed to Chinese hackers, according to a <a href="https://www.wsj.com/politics/national-security/t-mobile-hacked-in-massive-chinese-breach-of-telecom-networks-4b2d7f92">report</a> by The Wall Street Journal.
This breach, which also affected other U.S. and international telecom companies, targeted cellphone communications of high-value intelligence targets.
The extent of the data compromised from T-Mobile customers remains uncertain.
"T-Mobile systems and data have not been impacted in any significant way, and we have no evidence of impacts to customer information," said a T-Mobile spokesperson, according to the report.
See Also: <a href="https://www.benzinga.com/news/global/24/11/41939983/microsoft-president-warns-beijings-tech-progress-is-catching-up-with-the-west-people-who-dont-go-to-china-too-often-assume-theyre-behind?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft President Warns Beijing&#8217;s Tech Progress Is Catching Up With The West</a>
The breach, linked to the Salt Typhoon group, is considered historic in its scope and severity by some U.S. officials. AT&amp;T, Verizon, and Lumen Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) were also reportedly affected.
Hackers exploited vulnerabilities in Cisco Systems routers and possibly used AI or machine learning to enhance their operations, accessing cellphone lines of senior U.S. government and political figures.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This breach is part of a series of cyberattacks attributed to Chinese hackers, raising alarms about national security.
In April, FBI Director Christopher Wray warned about <a href="https://www.benzinga.com/news/24/04/38330156/fbi-chief-warns-xi-jinpings-ccp-linked-chinese-hackers-are-planning-to-physically-wreak-havoc-on-us">China&#8217;s potential to disrupt U.S. infrastructure</a>, highlighting the targeting of sectors like telecommunications, energy, and water.
In May, a <a href="https://www.benzinga.com/news/24/05/38659657/major-hacking-incident-exposes-data-of-military-personnel-in-uk-ministry-of-defence-breach-is-china">major hacking incident</a> exposed data of U.K. military personnel, with China suspected as the perpetrator.
The recent breach of T-Mobile and other telecom giants underscores the ongoing threat posed by state-sponsored cyber-espionage, emphasizing the need for heightened cybersecurity measures.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

T-Mobile Hit By Chinese Hackers After Rivals AT&T, Verizon Suffer Breach: Report

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a<a href="https://www.benzinga.com/yield-investments"> high dividend payout</a>.
Benzinga readers can review the latest analyst takes on their favorite stocks by visiting <a href="https://www.benzinga.com/analyst-stock-ratings">Analyst Stock Ratings</a> page. Traders can sort through Benzinga's extensive database of analyst ratings, including <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">by analyst accuracy</a>.
Below are the ratings of the most accurate analysts for three high-yielding stocks in the communication services sector.
<h3 class="wp-block-heading">Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>)</h3>
<ul>
<li>Dividend Yield: 6.59%</li>
<li>Scotiabank analyst Maher Yaghi maintained a Sector Perform rating and cut the price target from $47.25 to $47 on Oct. 23. This analyst has an accuracy rate of 71%.</li>
<li>UBS analyst John Hodulik maintained a Neutral rating and raised the price target from $43 to $44 on Oct. 23. This analyst has an accuracy rate of 73%.</li>
<li>Recent News: Frontier Communications Parent, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FYBR#NASDAQ">FYBR</a>) announced that its stockholders approved the acquisition by Verizon at its special meeting held on Nov. 13.</li>
<li>Benzinga Pro's real-time newsfeed alerted to la<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1">test VZ news</a>.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="907" height="708" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043144/image-148.png" alt="" class="wp-image-647403" style="width:650px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043144/image-148.png 907w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043144/image-148-300x234.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043144/image-148-768x599.png 768w" sizes="(max-width: 907px) 100vw, 907px" /></a></figure>
<h3 class="wp-block-heading">AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>)</h3>
<ul>
<li>Dividend Yield: 4.98%</li>
<li>Wells Fargo analyst Eric Luebchow maintained an Overweight rating and cut the price target from $25 to $24 on Oct. 24. This analyst has an accuracy rate of 69%.</li>
<li>Tigress Financial analyst Ivan Feinseth maintained a Buy rating and raised the price target from $29 to $30 on Sept. 27. This analyst has an accuracy rate of 69%.</li>
<li>Recent News: On Nov. 7, United States Cellular Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USM#NYSE">USM</a>) agreed with AT&amp;T to sell a portion of its retained spectrum licenses for $1.018 billion.</li>
<li>Benzinga Pro's real-time newsfeed alerted to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1">latest T news.</a> </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="905" height="846" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043226/image-149.png" alt="" class="wp-image-647405" style="width:657px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043226/image-149.png 905w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043226/image-149-300x280.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043226/image-149-768x718.png 768w" sizes="(max-width: 905px) 100vw, 905px" /></a></figure>
<h3 class="wp-block-heading">Nexstar Media Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXST#NASDAQ">NXST</a>)</h3>
<ul>
<li>Dividend Yield: 4.07%</li>
<li>Barrington Research analyst James Goss maintained an Outperform rating with a price target of $200 on Oct. 12. This analyst has an accuracy rate of 65%.</li>
<li>Benchmark analyst Daniel Kurnos reiterated a Buy rating with a price target of $215 on Oct. 8. This analyst has an accuracy rate of 76%.</li>
<li>Recent News: On Nov. 13, the company appointed Bill Sammon as Senior Vice President of Washington, D.C., Editorial Content for The Hill and NewsNation.</li>
<li>Benzinga Pro&#8217;s charting tool helped identify the <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1">trend in NXST stock</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="915" height="846" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043333/image-150.png" alt="" class="wp-image-647406" style="width:579px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043333/image-150.png 915w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043333/image-150-300x277.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14043333/image-150-768x710.png 768w" sizes="(max-width: 915px) 100vw, 915px" /></a></figure>
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Dividends

Price Target

Pre-Market Outlook

Markets

FYBR

NXST

Wall Street's Most Accurate Analysts Give Their Take On 3 Tech And Telecom Stocks With Over 4% Dividend Yields

U.S. prosecutors identified two hackers behind a massive AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) <a href="https://www.benzinga.com/news/24/07/39746837/at-t-and-snowflake-stocks-slide-on-friday-whats-going-on" target="_blank" rel="noreferrer noopener">data breach</a>.
What Happened: The alleged hackers, Connor Moucka and John Binns, reportedly gained unauthorized access to AT&amp;T&#8217;s data systems hosted on cloud data platform Snowflake Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>).
Around 50 billion customer call and text records were stolen, TechCrunch <a href="https://techcrunch.com/2024/11/12/snowflake-hackers-identified-and-charged-with-stealing-50-billion-att-records/" target="_blank" rel="noreferrer noopener">reports</a>.
See Also: <a href="https://www.benzinga.com/markets/asia/24/10/41556817/trump-vances-phone-data-reportedly-compromised-by-chinese-cyber-group">Trump, Vance&#8217;s Phone Data Reportedly Compromised By Chinese Cyber Group</a>
The Department of Justice filed the indictment on Sunday, revealing the full scale of the data compromise.
Although the document refers to &#8220;Victim-2,&#8221; a major U.S. telecommunications company, the timeline and details align closely with AT&amp;T&#8217;s disclosures made in April. According to AT&amp;T&#8217;s statements, the breach exposed records such as call logs and text metadata.
Why It Matters: Prosecutors claim that Moucka and Binns successfully extorted at least three victims, demanding Bitcoin ransom payments worth approximately $2.5 million. 
The hackers allegedly targeted the compromised data over a year-long campaign in November 2023, when they demanded ransom from multiple companies.
Several other Snowflake customers, including Santander Bank and Ticketmaster, experienced similar breaches.
Hackers infiltrated these companies&#8217; Snowflake-hosted data, extracting susceptible personal and corporate information. Reports indicate that the stolen data encompassed social security numbers, driver&#8217;s licenses, and banking information.
Moucka was apprehended in Canada last week. Binns had previously been detained in Turkey. Their arrest comes after months of investigation into a string of cyberattacks affecting U.S. companies through Snowflake&#8217;s data platform.
In the aftermath, AT&amp;T reportedly paid a ransom of $370,000 to secure the deletion of stolen records. In August, Snowflake CEO Sridhar Ramaswamy stated that Snowflake&#8217;s <a href="https://www.benzinga.com/markets/equities/24/08/40498552/snowflake-ceo-downplays-cyberattack-impact-amid-8-stock-drop-after-q2-earnings-report-not-really" target="_blank" rel="noreferrer noopener">core business remains</a> unaffected by the recent cyberattack despite a dip in stock prices. Ramaswamy clarified the breach stemmed from weak customer security measures, not flaws in Snowflake&#8217;s platform, impacting clients like AT&amp;T and Live Nation.
Price Action: AT&amp;T gained over 28% year-to-date. The stock closed lower by 0.72% at $22.15 on Tuesday. Snowflake closed higher by 1.59%.
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</ul>
Image: Shutterstock

Media

SNOW

AT&T Data Breach Exposes 50 Billion Records: Hackers Identified, Ransom Paid

United States Cellular Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USM#NYSE">USM</a>) has agreed with AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) to sell a portion of its retained spectrum licenses for <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41803957/uscellular-announces-sale-of-select-spectrum-assets-to-at-t-for-1-018-billion" rel="noreferrer noopener">$1.018 billion</a>.
The transaction aligns with UScellular's strategy, announced in May 2024, to capitalize on its remaining spectrum assets, which are not included in the proposed sale to T-Mobile US Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>).
This sale follows <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41403665/us-cellular-sells-key-spectrum-licenses-to-verizon-in-1b-deal" rel="noreferrer noopener">agreements made in</a> October 2024 to sell other retained licenses to Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) and two additional mobile network operators.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41812585/datadog-beats-q3-estimates-margins-show-mixed-results" rel="noreferrer noopener">Datadog Beats Q3 Estimates, Margins Show Mixed Results</a>
Laurent C. Therivel, President and CEO of UScellular, emphasized the value generated through recent deals, noting that AT&amp;T's inclusion as a buyer expands the roster of networks set to benefit from UScellular's assets.
Therivel expressed confidence that AT&amp;T will utilize the acquired licenses to support communities across the U.S.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07120304/newplot-4.png" alt="" class="wp-image-635850" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07120304/newplot-4.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07120304/newplot-4-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
With this transaction and previous agreements, UScellular has established deals to monetize around 55% of its spectrum holdings (excluding mmWave) on an MHz-Pops basis.
These deals collectively amount to approximately $2.02 billion. Once the proposed T-Mobile transaction is finalized, UScellular will have agreements to monetize approximately 70% of its overall spectrum assets.
Therivel added that UScellular would retain 1.86 billion MHz-Pops of low- and mid-band spectrum and 17.2 billion MHz-Pops of mmWave spectrum. He highlighted the strategic value of UScellular's C-band licenses, which offer competitive mid-band frequencies, strong support in the 5G ecosystem, and extended build-out timelines through 2029 and 2033.
This flexibility allows UScellular to leverage or sell these assets in the future, with plans to explore further monetization options for the C-band and other remaining spectrum.
The agreement involves selling 1,250 million MHz-Pops of 3.45 GHz licenses and 331 million MHz-Pops of 700 MHz B/C block licenses to AT&amp;T for $1.018 billion, subject to potential adjustments outlined in the purchase agreement.
The transaction's completion hinges on closing the T-Mobile deal and obtaining regulatory approvals and customary closing conditions.
Some licenses to be transferred to AT&amp;T are partially owned by a third party. Their sale will depend on UScellular's purchase of remaining equity in the third party, which is pending regulatory approval. These licenses account for around 15% of the MHz-Pops covered in this sale.
TDS, which holds an 83% stake in UScellular, has formally approved the transaction with AT&amp;T.
AT&amp;T generated $10.24 billion in operating cash flow and $5.095 billion in free cash flow for the <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41485572/at-t-q3-earnings-strong-postpaid-phone-adds-adj-ebitda-growth-4-4b-impairment-charge-and-more" rel="noreferrer noopener">September 30, 2024 quarter</a>. T is down 0.94%.
Price Action: USM stock is up 0.20% at $65.28 at the last check on Thursday.
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Photo by Tdorante10 via Wikimedia Commons

AT&T Buys $1 Billion in Spectrum Licenses from US Cellular to Boost Network Reach

A federal agency has issued a directive to employees to reduce the use of their phones for work matters due to China's recent hack of U.S. telecommunications infrastructure, according to people familiar with the matter.
<a href="https://www.wsj.com/us-news/u-s-agency-warns-employees-about-phone-use-amid-ongoing-china-hack-dd459273?mod=latest_headlines" title="https://www.wsj.com/us-news/u-s-agency-warns-employees-about-phone-use-amid-ongoing-china-hack-dd459273?mod=latest_headlines">https://www.wsj.com/us-news/u-s-agency-warns-employees-about-phone-use-amid-ongoing-china-hack-dd459273?mod=latest_headlines</a>

AAPL

GOOGL

'U.S. Agency Warns Employees About Phone Use Amid Ongoing China Hack' - WSJ

Jim Cramer expressed optimism about a resurgence in mergers and acquisitions (M&amp;A) with the incoming Trump administration. Cramer predicts a more lenient approach to M&amp;A approvals compared to the previous administration, which was known for its stringent antitrust scrutiny.
What Happened: Cramer highlighted that the regional banking sector could significantly benefit from increased M&amp;A activity, allowing banks to grow by acquiring smaller entities or merging to form larger &#8220;super regionals,&#8221; CNBC<a href="https://www.cnbc.com/2024/11/06/jim-cramer-market-for-mergers-and-acquisitions-is-back-under-trump.html"> reported</a> on Thursday.
"I am very confident in the idea that, under President Trump, M&amp;A's about to come back and come back bigly," he said. "Companies will no longer have to fear super-strict antitrust scrutiny, so long as they stay on the right side of our mercurial President elect."
He also suggested that antitrust regulations might be relaxed, potentially benefiting Big Tech companies that faced scrutiny under Biden&#8217;s appointees. However, Cramer warned that Trump&#8217;s personal views could still impact regulatory actions, referencing the 2017 attempt to block the AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) and Time Warner merger due to Trump&#8217;s issues with CNN. Time Warner was rebranded to WarnerMedia in 2018, following its acquisition by AT&amp;T. In 2022, AT&amp;T then merged WarnerMedia with Discovery Inc. to form Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>), making it the current parent company that encompasses what was formerly Time Warner.
Cramer noted that several prominent tech CEOs have publicly congratulated Trump, likely in anticipation of a more favorable regulatory environment.
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Why It Matters: The potential revival of M&amp;A under Trump&#8217;s administration aligns with <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41798981/jim-cramer-calls-trumps-return-to-white-house-a-huge-win-for-the-stock-market">Cramer&#8217;s earlier remarks</a> that Trump&#8217;s return to the White House is a &#8220;huge win for the stock market.&#8221; The election of President-elect Trump has brought relief to traders, who anticipate pro-business policies, lower taxes, and deregulation. 
This optimism has already led to record highs in U.S. markets. The market rally <a href="https://www.benzinga.com/markets/asia/24/11/41801023/us-futures-european-stocks-rally-post-trump-victory-while-crude-oil-and-gold-decline-global-markets">post-Trump victory</a> saw the Dow, S&amp;P 500, and Nasdaq surge, with expectations of economic growth under Trump&#8217;s leadership. 
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

General

Jim Cramer Hopes M&A To 'Come Back Bigly' Under Trump Administration

The transaction is part of the objective UScellular announced on May 28, 2024, to opportunistically monetize the spectrum that was not included in the proposed sale to T-Mobile; and follows the transactions previously announced on October 18, 2024, to sell a portion of the retained spectrum licenses to Verizon and two other mobile network operators.
Following this transaction, as well as those previously announced, UScellular will have reached definitive agreements to monetize approximately 55%, measured on a MHz-Pops basis, of the spectrum holdings (excluding mmWave) that were excluded from the proposed sale to T-Mobile, for a total consideration of approximately $2.02 billion. &nbsp;

Asset Sales

United States Cellular Enters Agreement With AT&T To Sell Portion Of Its Retained Spectrum Licenses For Total Consideration Of $1.018B

Shares of MasTec Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTZ#NYSE">MTZ</a>) continued their upward trajectory in early trading on Tuesday, after climbing last week on <a href="https://www.benzinga.com/news/24/11/41688665/amazon-posts-upbeat-results-joins-cardinal-health-waters-atlassian-charter-communications-mastec-and">the company's raised 2024 adjusted earnings guidance</a>.
Despite the recent rally, the stock has more runway. The Coral Gables, Florida-based company's Power Delivery, Clean Energy &amp; Infrastructure (CE&amp;I), and Communications segments are "turning the corner," according to Truist Securities.
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58ac4af1b85e930001e6383a/jamie-cook">Analyst Jamie Cook</a> upgraded the rating for MasTec from Hold to Buy, while raising the price target from $133 to $173.
The MasTec Thesis: The company's Power Delivery, CE&amp;I, and Communications segments are poised for revenue growth and margin expansion, Cook said in the upgrade note.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
MasTec is "solidifying its positioning in utility transmission and distribution through the Henkels &amp; McCoy acquisition and in renewables through the IEA acquisition," the analyst stated. 
The company and rival Quanta Services Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWR#NYSE">PWR</a>) are both "well positioned to lead the market and grow given competitive advantages which include scale, workforce, and balance sheet," he added.
"We expect strong top line growth and margin expansion in 2025 tied to secular growth in renewables, significant funding for communications infrastructure associated with BEAD funding and MTZ's recently expanded relationship with AT&amp;T (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>), and new major project wins including the $1.5 billion high-voltage transmission project MTZ announced last quarter," Cook wrote. After facing two years of margin pressure, MasTec seems poised for margin expansion in 2025 and "has line of sight to reaching double-digit EBITDA margins over the medium term," he further said.
Price Action: Shares of MasTechad risen by 3.22% to $136.87 at the time of publication on Tuesday.
Read More: <a href="https://www.benzinga.com/news/earnings/24/09/40859294/mastec-stock-rallies-31-in-the-past-6-months-is-mtz-a-buy-right-now">MasTec Stock Rallies 31% in the Past 6 Months: Is MTZ a Buy Right Now?</a>

Upgrades

Infrastructure Construction Company MasTec Is Poised For Double Digit Margin Expansion, Analyst Says

<a href="https://www.eff.org/deeplinks/2024/10/frightening-stakes-halloweens-net-neutrality-hearing" title="https://www.eff.org/deeplinks/2024/10/frightening-stakes-halloweens-net-neutrality-hearing">https://www.eff.org/deeplinks/2024/10/frightening-stakes-halloweens-net-neutrality-hearing</a>

US Appeals Court Skeptical Of Federal Communications Commission Net Neutrality Rules

AT&T Launches Industry-First Single-Box Solution For Seamless Fiber And 5G Integration, Offering Reliable Connectivity With Automatic Failover For Business Networks

Corning Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>) shares are trading higher premarket on Monday after the company inked a multi-year agreement with AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>).
The agreement, which is valued over $1 billion, expands AT&amp;T and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41571236/at-t-and-corning-expand-collaboration-with-multi-year-purchase-agreement" rel="noreferrer noopener">Corning&#8217;s decades-long partnership.</a>
The deal entails supplying advanced fiber, cable, and connectivity solutions, supporting AT&amp;T&#8217;s fiber network expansion and efforts to deliver high-speed internet to more Americans.
AT&amp;T will incorporate Corning&#8217;s latest Evolv connectivity solutions, including Evolv FlexNAP with Multifiber Pushlok Technology, designed to comply with the Build America, Buy America requirements of the Broadband Equity, Access, and Deployment (BEAD) program.
John Stankey, CEO of AT&amp;T, said, &#8220;This new multi-year agreement with Corning helps us to connect more households, communities, and businesses with the high-speed, reliable internet they need to thrive in a digital world.&#8221;
Wendell P. Weeks, chairman and CEO, Corning Incorporated stated, &#8220;By extending our longtime relationship with AT&amp;T, we&#8217;re helping bring the transformational benefits of fiber to more people and communities. We share a fundamental belief that the more people you connect, the more value you create. And optical fiber is bringing people together at an unprecedented scale.&#8221;
In September, Corning provided significant updates to its &#8220;Springboard&#8221; plan of adding more than&nbsp;$3 billion in annualized sales and shared its strategy to&nbsp;achieve a 20% <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40943719/cornings-springboard-plan-set-to-skyrocket-profits-by-2026-ai-and-price-hikes-drive-growth" rel="noreferrer noopener">operating margin by the end of 2026</a>.
Investors can gain exposure to GLW via&nbsp;ProShares Smart Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TINT#NYSE">TINT</a>) and&nbsp;Professionally Managed Portfolios Otter Creek Focus Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCFS#NYSE">OCFS</a>).
Price Action: GLW shares are up 2.25% at $47.29 premarket at the last check Monday.
Image via Shutterstock
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