WarnerMedia owner AT&T is canceling a $4 billion stock buyback deal to maintain financial flexibility amid the coronavirus pandemic whose impact, it says, 'could be material.' But it adds it currently can't estimate the financial fallout. Details:
"Due to the evolving nature of this situation, we are not able at this time to estimate the impact on our financial or operational results."
The telecommunications giant, led by chairman and CEO Randall Stephenson, earlier this month unveiled an accelerated share repurchase agreement with Morgan Stanley to buy back $4 billion of its stock during the second quarter.
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