A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
"You need to understand that we're about to embark on the busiest week of the year for industrial earnings," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
The MTA reported that the 1, 2, 3, 4, 5 and 6 trains are all facing delays due to a network communications issue impacting service in both directions, NBC New York reports.Transportationread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
US officials including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow will host a meeting at the White House on Monday of semiconductor and...Technologyread more
Trump's constant berating of the Fed and its actions does not influence the central bank's decisions, Boston Fed's Eric Rosengren says.The Fedread more
The lawsuits allege J&J's talc-based baby powder contained asbestos and caused ovarian and other cancers.Health and Scienceread more
After a costly acquisition of Time Warner, AT&T may have found a new source of revenue. The telecommunications carrier quietly bumped customers' fees by about $1.23 each since April, which could mean an estimated $800 million in additional revenue per year for the company. The company booked $160.5 billion in revenue last year.
BTIG Research analyst Walter Piecyk noticed on Wednesday that the telecommunications carrier had bumped its “administrative fee,” a tiny line item at the bottom of customers' bills, from 76 cents to $1.99. The change is estimated to impact about 85 percent of AT&T's 64.5 million postpaid phone lines in service, making for about $800 million in additional annual revenue for the telecom provider. The fee does not apply to prepaid lines, according to Piecyk.
AT&T's administrative fee has not changed much since it was first introduced in 2013 at 61 cents per month. Subsequent bumps went unnoticed, but Piecyk wrote in the note that BTIG suspects the fee has been hovering around 76 cents for the past year. Then AT&T bumped the fee twice in the past three months. In April the administrative fee climbed by about 50 cents to $1.26. It was bumped again to $1.99 in June.
In a statement, AT&T told CNBC, "This is a standard administrative fee across the wireless industry, which helps cover costs we incur for items like cell site maintenance and interconnection between carriers."
AT&T may be under pressure to find new sources of revenue after its $85.4 billion purchase of Time Warner. The timing of AT&T's fee bump conveniently coincides with the closure of the deal, "which increased net debt by over $60 billion," Piecyk wrote. He added that the additional revenue could help finance $10 billion in debt.
"Presumably the Administrative Fee is another way to help AT&T fund its network build and Time Warner acquisition going forward," Piecyk wrote.