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Major U.S. telecom stocks slipped late Thursday as the Environmental Protection Agency called on them to meet about their lead-sheathed phone cables, the WSJ reported.
Trading volume spiked and AT&T (NYSE:T) quickly fell 3.9%, Verizon (NYSE:VZ) slid 3.5%; wireless rival T-Mobile (TMUS) saw a softer drop at -0.5%. Dish Network owner EchoStar (SATS) was down 3.4% late in the session.
The telecom letters start a new phase of the EPA’s investigation after its probe found more than 100 soil and sediment readings with lead above safety guidelines at lead-cable sites in three states, according to the report.
“This is lead that could be concerning” based on factors like “exposure and pathways” into the body, Superfund chief Clifford Villa told WSJ.
The agency has asked companies to discuss granular sampling data around the legacy lead cables.
Meanwhile, companies with those legacy cables have said they pose no public health hazard and aren’t a major contributor to environmental lead, particularly considering lead sources closer to people’s homes.
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