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Tuesday, June 24, 2014

AT&T tells lawmakers DirecTV deal won't guarantee lower prices, (NYSE: T)

U.S. lawmakers grilled AT&T Inc and DirecTV on Tuesday over a proposed merger that some Democrats and public interest groups fear will result in higher costs and less competition.The chief executives of the No. 2 wireless carrier and the largest U.S. satellite TV service provider testified about their proposed $48.5 billion deal at hearings in the House of Representatives and the Senate, and said the scale the merger would allow them to save on the high costs of negotiating rights to video content.But there were some tough reactions in Washington."I am very, very skeptical as a senator, not just as a consumer," senator Richard Blumenthal, a Democrat from Connecticut, said at a hearing by the Senate Judiciary Committee's antitrust panel.

AT&T Inc. (AT&T), is a holding company. The Company is a provider of telecommunications services. Shares of T fell by 0.28% or $-0.1/share to $35.29. In the past year, the shares have traded as low as $31.74 and as high as $36.86. On average, 26105700 shares of T exchange hands on a given day and today's volume is recorded at 21167120.