AT&T Inc. (NYS:T) disclosed Friday that it was canceling the previously announced $4 billion accelerated share repurchase (ASR) planned for the second quarter, to maintain financial flexibility during the COVID-19 pandemic. The telecommunications media and technology company said that the impact of the pandemic could be material, but it is not able to estimate the impact on its business at this time given the evolving nature of the situation. The company said on March 4 that the new $4 billion ASR would start in April, following the completion of a previous $4 billion ASR that was being executed. The ASRs are part of AT&T's plan to retire 70% of the shares issued to fund the acquition of Time Warner. AT&T's stock, which rose 1.4% in premarket trading, has declined 19.3% over the past month through Thursday, while the Dow Jones Industrial Average (DOW:DJIA) has dropped 31.3%.
March 20, 2020, 7:26 a.m. EDT