Top executives of AT&T Inc (T.N) and T-Mobile insisted on Wednesday their proposed merger would benefit consumers and rejected criticisms that it would stifle innovation. AT&T Chief Executive Randall Stephenson and T-Mobile USA CEO Philipp Humm appeared before the Senate Judiciary's antitrust subcommittee to defend their deal, which would concentrate 80 percent of U.S. wireless contract customers in just two companies -- AT&T/T-Mobile and Verizon Wireless (VZ.N)(VOD.L). AT&T touted fewer dropped calls and faster data speeds to entice consumer and policymaker support for its $39 billion bid to take over Deutsche Telekom AG's (DTEGn.DE) T-Mobile USA. Lawmakers said they were intrigued by the potential to expand faster 4G wireless services to more parts of the country and provide a short-term solution to the spectrum crunch impairing voice and data services in high-density areas.
AT&T Inc. is a holding company. The Company is a provider of telecommunications services in the United States and worldwide. Shares of T fell by 0.95% or $-0.3/share to $31.39. In the past year, the shares have traded as low as $23.78 and as high as $31.94. On average, 30380000 shares of T exchange hands on a given day and today's volume is recorded at 7502405.
Verizon Communications Inc. (Verizon) is a holding company. Shares of VZ fell by 0.98% or $-0.37/share to $37.2. In the past year, the shares have traded as low as $25.99 and as high as $38.95. On average, 15874800 shares of VZ exchange hands on a given day and today's volume is recorded at 4900682.
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