TDS says exposure to lead-covered toxic cables 'very limited', shares rise

Telephone and Data Systems

18/07/2023 12:08

** Shares of TDS Telecom  TDS.N  rise 5.3% to $7.38
premarket after co provides update on the amount of lead-covered
cables
    ** Co says it located nearly 10 miles of lead-covered cables
across the country in an assessment of its communications
network, and is identifying next steps to address the "very
limited amount" of lead cabling in its network
    ** The update from TDS comes days after a Wall Street
Journal report named AT&T  T.N  and Verizon  VZ.N  among several
telecom giants that had left behind a sprawling network of
underground toxic lead cables, which are possibly contaminating
neighboring soil and drinking water sources
    ** Citigroup downgraded AT&T on Monday and flagged
unquantifiable financial risks that would create a "long term
overhang" for the stock due to its significant exposure to the
toxic lead cables 
    ** TDS shares fell 8% on Monday, while other telecoms AT&T
and Verizon hit multi-year lows on the day 
    ** TDS has lost a third of its value so far this year

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))