AT&T reported that its first quarter profit was up 22%, mostly because of strong wireless growth, reports Peter Svensson for the Associated Press. Its wireless division added a net 1.3 million subscribers in the quarter.
While AT&T is trading higher midday, ETFs holding the company aren’t so far:
- iShares Dow Jones US Telecommunications (IYZ): AT&T is 23.3%, down 18.8% year-to-date
- iShares S&P Global Telecommunications (IXP): AT&T is 17%, down 10.3% year-to-date
- Technology Select Sector SPDR (XLK): AT&T is 9.6%, down 10% year-to-date
Meanwhile, McDonald’s also reported first-quarter profit growth of 24% based on strong international sales. Between January and March, it earned 81 cents per share compared with 62 cents per share during the same period last year. Those numbers blew the forecast of 70 cents per share clear out of the water.
The PowerShares Dynamic Food and Beverage (PBJ) fund was slightly lower midday, though. McDonald’s is 4.9% of the fund, which is down 1.4% year-to-date. The fast food company is also 5% of the PowerShares Dynamic Leisure & Entertainment (PEJ), which is down 6.6% year-to-date.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.