“Johnson & Johnson has deep roots in China with an innovation footprint dating back nearly four decades,” Chief Science Officer Paul Stoffels said last year. Study also shows that psychological consequences are worse than for white women The high dividend alone makes the stock a good investment Continue reading…
Shares in Legend Biotech, a China business partner of Johnson & Johnson, soared on their Nasdaq trading debut on Friday, underscoring anew some of the conflicting impulses between the U.S. and China at a time of overall strained ties.
Legend, which could end up raising as much as $423.8 million through the U.S. listing, closed up 60.9% to $37.
Legend is a subsidiary of Nanjing, China-headquartered GenScript, which conducts drug research on a contract basis. GenScript founder Zhang Fangliang holds a PhD in biochemistry from Duke, and worked at Schering-Plough before he set up GenScript in 2002. Zhang’s fortune topped $1 billion in the first of last year; Forbes estimates his fortune at approximately $900 million.
Both GenScript, whose shares trade in Hong Kong, and Legend lost money in 2019. GenScript lost $96.9 million on revenue of $273.4 million; Legend lost $132.9 million on revenue of $57.2 million.
Looking ahead, however, Legend is working with Johnson & Johnson subsidiary Janssen Biotech on a treatment to fight multiple myeloma, and has other pipeline projects. In April, Legend raised $150 million from investors including Hudson Bay Capital Management LP, Johnson & Johnson Innovation — JJDC, Inc., Lilly Asia Ventures, Vivo Capital and RA Capital Management. Funds will be used for the commercialization of Legend’s pipeline programs, manufacturing, research, and general expenses, the company said in a statement.
The IPO comes amid contradictory trends affecting businesses in the two countries. On one hand, the U.S. Senate recently moved to force the delisting Chinese companies that don’t meet the same disclosure rules as American businesses; U.S. political leaders have also complained about U.S. reliance on medical-related imports from China during the Covid-19 outbreak.
Yet at the same time, investors at U.S. and global exchanges have embraced China-based businesses such as Legend, and American pharmaceutical companies in search of new treatments and business have looked to China. For its part, Johnson & Johnson in June last year opened an incubator facility in Shanghai that will house up to 50 startups. It started with 31 resident companies at an event that was attended by Paul Stoffels, the company’s chief science officer. “Johnson & Johnson has deep roots in China with an innovation footprint dating back nearly four decades,” Stoffels said in a statement. “We are committed to fueling innovation in the region and unleashing the power of science and technology to advance the health of people in China and around the world,” he said.
And against of backdrop of criticism of Beijing from President Trump, political leaders in the U.S. state of Massachusetts last month warmly welcomed a new investment there by China-headquartered WuXi Biologics. The company and the Worcester Business Development Corp. announced the signing of a land deal for WuXi Biologics’ clinical and commercial manufacturing facility in the city of Worcester that will create 150 new jobs.
“As the central Massachusetts biotech community continues its growth, WuXi Biologics’ arrival in Worcester will strengthen the sector and lead to ongoing economic development,” said Massachusetts Lt. Governor Karyn Polito. “Years of planning and collaboration to transform an unused property into a biomanufacturing hub has led to this exciting announcement today and I appreciate the commitment of so many to making this a reality.”
See related story:
China Delisting Wave Might Be Up To Beijing
Author: Russell Flannery
THE CFO INTERVIEW
Berlin's online travel platform focuses on purchases despite the crisis
sp Berlin – The Berlin online travel platform Omio, whose sales have slumped by up to 95% in the past few weeks due to the corona crisis, is keeping an eye on takeover targets despite the pandemic. "Companies that will come under pressure in the next few months … more
Negotiations between the UK and the EU have stalled
By Andreas Hippin, London
"Same procedure as every year," Miss Sophie replies to her butler James in the "Dinner for One" sketch. Ursula von der Leyen should have given this answer to EU negotiator Michel Barnier long ago, otherwise Barnier would … more after the failure of the …
The expansion of emergency measures decided by the European Central Bank (ECB) is another bang. As a result of the economic downturn in the wake of the global corona pandemic, European monetary authorities are increasing the volume of their bond purchases used for this from the previous 750 billion euros to now 1.35 … more
bn Frankfurt – The public prosecutor's office in Munich has initiated proceedings against the Wirecard management board following suspicion from the Federal Financial Supervisory Authority (BaFin) on suspicion of market manipulation. On Friday morning, the investigators raided the company's headquarters. … more
det Washington – The US job market recovered surprisingly in May. Instead of the more than 8 million job losses that economists had predicted as a result of the corona crisis, 2.5 million new jobs were created. The unemployment rate went down by 1.4 percentage points … more
la Frankfurt – Blockchain technology will turn asset management upside down, expects the asset management industry. The ability to map real assets and securities in the blockchain, i.e. to create digital twins in the form of so-called tokens, is being strongly promoted. At the beginning of the year … more
INTERVIEW: FRANK DORNSEIFER
The blockchain has difficulties with real assets – norms and standards are missing
The new Crypto Custody Act will soon allow tokenization of debt. Other assets will follow. Frank Dornseifer, Managing Director at the Federal Association of Alternative Investments (BAI), explains why this does not only have advantages, in an interview with the Bsesen newspaper.
Mr. Dornseifer, the tokenization … more
Ipex-Bank granted 50 million euros years ago – the beneficiary was the daughter of the then president
fir Frankfurt – A controversial loan, which KfW subsidiary Ipex-Bank granted to Angola in 2015, has been launched by the Federal Criminal Police Office (BKA). The export and project financier based in the Frankfurt building complex of the KfW group was searched at the beginning of May, reported … more
sto – The Federal Association for Alternative Investments (BAI) represents the interests of providers of alternative investments in Germany. It was founded in Bonn in 1997 and now has 226 members from home and abroad. Frank Dornseifer has been managing director and … more
from Düsseldorf – It has been a week since the Deutsche Apotheker- und rztebank (Apo-Bank) migrated their core banking system, including IT infrastructure, to a new system, and online banking is still ensuring an increase Customer inquiries. There are now … more
Bloomberg New York – According to informed circles, the UBS Group is working on plans to let its dealers and other employees in risk-related functions back into the offices in New York this month. Other banks also enable their key personnel … more
BaFin files criminal charges against the entire board of directors on suspicion of market manipulation
A bang at Wirecard: the Munich public prosecutor drove up to the group headquarters in Aschheim on Friday after the financial regulator filed a criminal complaint against the board of directors for suspected market manipulation through two ad hoc notifications in March and April.
bn Frankfurt – … more
Bonds for just over EUR 40 billion are just above rubbish
bn Frankfurt – Morgan Stanley warns investors of a wave of rating downgrades by European banks and their consequences for bonds issued by these institutions. In view of the economic consequences of the corona pandemic, the agencies have already started to set Outlooks to "negative", it says … more
Chan: Defending currency link with dollars
nh Shanghai – In the wake of tensions over Hong Kong's autonomy status and the maintenance of far-reaching freedoms in the Chinese Special Administrative Region, China's central bank has intervened. "Steadfast support" will be given to ensure Hong Kong's role as an international financial center, … more
SPD politician M? Tzenich open to extending the cut – dimension of the stimulus package unclear
The coalition is holding the debate over a longer cut in value added tax than just six months. SPD parliamentary group leader Rolf M tzenich is now speculating about this publicly. The exact volume of the stimulus package remains unclear. The Bundesbank praises the associated stimulus.
wf / ms … more
German industry saw a drastic decline in demand in Germany and abroad in April
ba Frankfurt – Due to the corona pandemic and the protective measures taken, German industry picked up significantly fewer orders in April than was already feared. The prospects for a strong recovery are slim: in view of the only slightly improved order component … more
Central bank expects the German economy to see a noticeable recovery in 2021 and 2022 after a deep recession
ms Frankfurt – According to the Bundesbank, the German economy will recover noticeably after the historic recession in the current years 2021 and 2022. This emerges from the central bank's new projections published on Friday. Thanks to … more
Protection for start-ups and money against training
w Paris – France continues to expand its economic aid programs. President Emmanuel Macron or Minister of Economic Affairs Bruno Le Maire, according to reports, could have already announced on Tuesday an aid plan for the … more
Corona crisis burdens – bankruptcy level still moderate
dpa-afx / ks Frankfurt – Fewer new companies were founded in Germany at the beginning of the corona crisis than a year earlier. The number of new companies fell in the first quarter by 6.9% to 145,600, as the Federal Statistical Office on Friday … more
The CDU politician Friedrich Merz pleads for the European Union (EU) to levy its own taxes. "The EU will have to have its own tax revenue at some point if it is really to do the tasks it already has today, from new tasks to … more
Italy's government plans to review President Donald Trump's proposals to reform the G7. Italy's Foreign Minister Luigi Di Maio said that he was open to all international call formats after a meeting with Federal Foreign Minister Heiko Maas. This applies in particular to suggestions … more
At first glance, the "ceasefire" between the United States and China in December 2019 eased the increasingly difficult Sino-American relationship, and in the meantime, the trade war between the two countries came to a head in the face of the Corona crisis further in … more
Unemployment falls completely in May – record of new hires despite corona crisis
The US job market seems to be recovering completely in the midst of the corona crisis. The partial opening of the economy led to more new hires in May than ever before. Experts see the beginning of a possible recovery, but still warn of premature optimism.
B⁄rsen-Zeitung, … more
BDI: Angering of German companies is growing
hip London – The fourth round of negotiations on future trade relations between the UK and the EU has ended without results. "My responsibility is to tell the truth," said EU negotiator Michel Barnier. And the truth is that it … more
If the EUR 500 billion loan planned by the EU is a Hamilton moment in the eyes of Federal Minister of Finance Olaf Scholz, what can the EUR 130 billion he and Chancellor Angela Merkel now present … more
With more than seven million inhabitants, Hong Kong is a respectable, but not huge city on the Chinese scale. The neighboring technology stronghold of Shenzhen is significantly more populous and has now also moved past Hong Kong in terms of gross domestic product. Experts keep asking themselves whether … more
NOTED IN FRANKFURT
It actually works pretty well – this phrase can be heard over and over again these days when bankers, bursians and other employees in the financial center report on their experiences in digital exchange with their colleagues. But does it work … more
Corona has now also changed the composition of the Dax. Flying is extremely dangerous in times of the pandemic, it is better to stay at home. And more and more Germans are finding out from their home office that they can also work well from home. The … more
For the ailing US President Donald Trump, the latest job market report came just in time. Completely surprisingly, there were more new hires in May than ever before and an amazing drop in the unemployment rate. Since the quota is still in double digits, it could … more
The endeavors of the telecommunications industry to release tied-up capital have long been focused on the passive mobile radio infrastructure, namely the radio towers. Operating and renting the locations is not a core business for the companies, so in the USA this has always been the task … more
KPMG: Western Europe and America are losing importance – monopoly on battery raw materials feared
The coronavirus pandemic has exposed the fragility of global supply chains. According to the management consultancy KPMG, the crisis will fundamentally change the global car market – especially in Western Europe and North America. China's strong position in the global automotive market should therefore continue to improve.
scd … more
Billion dollar deal nearing completion – J.P. Morgan: Backlog of transactions is beginning to dissolve
cru Frankfurt – The mobile operator Telef nica Deutschland (O2) is apparently about to complete another outsourcing of radio masts to another daughter of the Spanish mother. With the sale now planned, about 10,000 masts with a total of 1.5 billion … more
New bill for sanctions against pipeline in the Senate
cru Frankfurt – Shortly before completion, the United States is trying to prevent the Nord Stream 2 gas pipeline, which costs EUR 10 billion. In the U.S. Senate, Senators Ted Cruz, Jeanne Shaheen, John Barrasso, Tom Cotton and Ron Johnson … more
Italian CFO criticizes management
jh Munich – Twelve countermotions were submitted by ProSiebenSat.1 shareholders for the Annual General Meeting next Wednesday. The common theme: The shareholders do not want to accept that the television and internet company will cut the dividend for 2019. All applications come from … more
hei Frankfurt – The travel company Tui, hard hit by the corona crisis, pulls the red pencil out of its holiday plane Tuifly. The fleet, whose strength was previously planned with 39 Boeing 737 jets, is to be halved. Several locations, including Cologne, Bremen and Münster-Osnabrück, … more
ste Hamburg – Major shareholder Klaus-Michael K hne has to wait for a second seat on the Supervisory Board at Hapag-Lloyd. At the virtual shareholder meeting of the container shipping company, Isabella Niklas, the successor to Rainer Klemmt-Nissen, represented the city of Hamburg with …
from Düsseldorf – The Thyssenkrupp elevator division, which is about to be sold to a consortium of financial investors, plans to cut its greenhouse gas emissions in half over the next 20 years. In a first step – based on CO2 emissions of 177,000 tons in … more
INTERVIEW: JAN KEMPER
The chief financial officer of the online platform Omio on pandemic travel, the train and an IPO
Mr. Kemper, the federal government has decided to lift the global travel warning for Europe due to the corona pandemic in mid-June. As a CFO of an online travel platform, that will probably suit you, right?
Yes, it is elementary for us. On our website … more
sp – It was a little more than a year ago that Jan Kemper (40) announced via Twitter that he would "return to Berlin" to take up the position of Managing Director and CFO at the online travel platform Omio. The trip to Munich, as CFO of … more
No merger talks with Vonovia – Dax climb
hek Frankfurt – The real estate group Deutsche Wohnen promises the shareholders further growth after the promotion to the Dax. The strategy plan for the next few years clearly sets the course for growth, says CEO Michael Zahn on the virtual … more
By Martin Fritz, Tokyo
A Japanese tactic to achieve a goal without the threat of punishment is public shaming. In practice, this means that anyone who does not meet a requirement is pilloried. Fearing this exposure … more
jh Munich – Siemens raised around EUR 4 billion by issuing new bonds. The Munich-based company only announced that the proceeds from the issue would serve general corporate purposes. With almost 16 billion euros, demand almost … more
nh Shanghai – The Chinese internet company and online game developer Netease has set the issue price at HK $ 123 for its IPO in Hong Kong. This puts the value just above the upper margin of the bookbuilding range and mathematically 2% below the closing price … more
LAW AND CAPITAL MARKET
First experiences from Asia allow conclusions on the European market – pricing extremely difficult
By Stefan Bruder and
Moritz Keller *)
While the population in Germany is looking forward to the first easing, companies and investors are eagerly waiting for the market for corporate transactions to become more active again. There are three questions for further development: How fast … more
LAW AND CAPITAL MARKET – IN INTERVIEW: HEIKO HOFFMANN
Help tied to requirements – If you violate this, there is a risk of a fine
Mr. Hoffmann, what tax measures does the Treasury use to support companies during the corona pandemic?
The focus is on auxiliary measures to improve the liquidity of taxpayers in the short term. For income, corporation and sales tax, there are … more under easier conditions
LAW AND CAPITAL MARKET
More time for investigations into merger control proceedings
By Jens Steger *)
Even if the legal restrictions on contacts and meetings are now being mitigated: The measures to contain the corona virus and its economic consequences also have a direct impact on the work of the antitrust authorities. In order to continue to ensure proper decisions, … more
LAW AND CAPITAL MARKET – MANDATES & CLIENTS
Hogan Lovells advises the finance agency on the stabilization measures for Deutsche Lufthansa under the leadership of Dr. Tim Oliver Brandi and Prof. Dr. Michael Schlitt. swa
Gleiss Lutz accompanies Nihon Spindle on the acquisition of Leifeld Metal Spinning with Dr. Michael Burian. swa
Orrick … more
By Helmut Kipp, Frankfurt
It sounds a bit proud: "The promotion to the Dax is a confirmation of the overall strategy and the attractiveness of our share," says Deutsche Wohnen boss Michael Zahn on the decision of Deutsche Börse, the housing group 22. … more
md – The prospect of successfully completing the executive search at Hugo Boss has encouraged investors to buy the share. At its peak, the price of the paper contained in the MDax rose by 11% to EUR 30.41. That was … more
lee – The major Swiss bank Credit Suisse is reorganizing the management board of its German subsidiary. From an internal personnel announcement, Frank Heitmann will be appointed Chief Executive Officer (CEO) of Credit Suisse Germany on July 1. He follows Bj rn … more
ste – The Volkswagen supervisory board has expanded its presidium by two to eight members. As the Wolfsburg-based twelve-brand group announced, the closer management team will also include Dr. Hans Michel Pi ch for the shareholder side and Bertina Murkovic for the employee side. … more
ste – The Hapag-Lloyd supervisory board has extended the contract between HR and purchasing director Joachim Schlotfeldt by two years until the end of March 2023. This was announced by the world's fifth largest container shipping company from Hamburg. The supervisory board is "of the same opinion that … more
GUEST CONTRIBUTION TO THE SERIES: FOCUS ON THE FOCUS (122)
The healthcare industry in general and the biotech companies in particular are currently experiencing a massive change in image. For years, the industry has been accused of price driving policies and threatened with stronger regulation. The accusation was often that the researchers … more
INTERVIEW: WOLFGANG WRZESNIOK-RO BACH
Experts do not anticipate a sharp rise in the devaluation of money as a trigger for a price surge in the precious metal turbulence on the New York market
In times of crisis like today gold is always a special focus as a safe haven. In an interview with the B rsen-Zeitung, Wolfgang Wrzesniok-Ro bach, one of the leading precious metal experts in Germany, categorizes the current development of the gold price and dares to make a forecast for the coming months.
B⁄rsen-Zeitung, … more
ku – Wolfgang Wrzesniok-Ro bach (55) is one of the leading precious metal experts in Germany. He has more than 30 years of professional experience in practically all segments of the precious metals business. From 2005 he was responsible for the sales and marketing activities and the … more
Deutsche Wohnen moves up – Str er replaces Deutsche Pfandbriefbank in MDax
ku Frankfurt – After approximately 32 years of membership, the Lufthansa share is removed from the leading German index Dax. This was announced by the German stock exchange. The successor to the round of shares from the first row is the large landlord Deutsche Wohnen. … more
UBS: Economic stimulus package supports positive assessment of German stocks
By Christopher Kalbhenn, Frankfurt
The stock markets don't seem to be slowed down by anything at the moment. The Dax only took one brand after the other in the past week, temporarily hampered by profit-taking, on Friday the marks of 12,600 … more
An eye on scandal companies from China
kjo / Reuters Frankfurt – US Secretary of State Mike Pompeo urges stricter stock exchange regulations for Chinese companies worldwide. All trading places around the world should take the example of the US technology exchange Nasdaq, which decided in May to tighten its rules. For that … more
OPINIONS ON SHARES
Bankhaus Lampe downgraded the Sixt share from "buy" to "hold", but raised the target price from 70 to 75 euros (currently: 80.45 euros). After rising above 140% since mid-March, the price reflects … more
Corona and the global political order – History will be written in the second half of 2020, setting the course for our continent
Corona doesn't just change our everyday life, be it at work or in the family. The little virus also has unimagined effects on fiscal policy and the capital markets. Never before has such sums in public households and … more
Companies in the area of conflict between profitable growth and social contribution
As if under a burning glass, the corona pandemic has focused on the social dimension of entrepreneurial activity in recent weeks. It has become a stress test for the confessions of many companies, not only primarily for their shareholders, but for a large number of other stakeholder groups … more
Effects on the shareholder structure in the Dax – Sustainable investments and more active exercise of shareholder rights continue to come into focus
In 2019, the Dax rose by more than a quarter compared to 2018. International institutional investors have increased their share in the leading German index. In 2019, U.S. exchange traded funds (ETFs) in particular accessed the leading German index, whereas European … more
Legislators and stock exchange operators should ensure a moderate development of the disclosure requirements – sustainably promote share culture
The rapid falls in price as a result of the Covid 19 crisis have increased fears that private equity (PE) bidders could lead to a wave of takeovers of listed companies. Federal Minister of Economics Altmaier made several comments in this regard and announced that the … more
Work successfully from home – Use the crisis as an opportunity to further develop (online) investor relations
Unusual times require unusual measures. The corona pandemic not only presents us with a health challenge, but also with an economic challenge. For many companies, this means, among other things, changing their usual way of working.
In order to curb the spread of Covid-19, … more
Legal framework enables hybrid events, but with noticeable legal risks – It will be exciting to see when and whether there will be a reform
The 2020 general meeting season began without any special occurrences. As planned, the Thyssen general meeting took place at the end of January. Questions about Corona have not yet been asked by shareholders and disinfectant dispensers have not yet been used. The general meetings in February were also … more
More complex capital markets, more demanding investors, changing perceptions and a fast pace of reform among regulators increase the pressure on IR
Investor Relations Officers (IROs) have dreams and nightmares. The dream is to attract new, long-term oriented investors. If these are still global players, the world is fine. The nightmares look different, for example they turn … more
Expectations management at IR in the age of volatile markets more than ever required
The future counts on the stock exchange. That is why credibility and investor confidence in future-oriented statements are so important for companies in the capital market. However, unpredictable external shocks and volatile markets are increasingly influencing the predictability and predictability of companies. At the same time, the … more
Management is becoming more visible in modern financial communication, and the tasks of investor relations managers will become more varied in the future
In einer unberechenbaren Welt reicht es nicht mehr aus, seine Stakeholder regelm ig auf dem Laufenden zu halten. Wer sich darauf beschr nkt, k nnte seine Anleger bald an diejenigen verlieren, die die neuen Regeln besser beherrschen: Die erfolgreichen Unternehmen von … mehr
Coronavirus UK: BAME women suffer harder financial hit
Black, Asian and minority ethnic women in the UK are suffering greater financial and psychological consequences from the coronavirus pandemic than their white counterparts, polling suggests.
Research has already shown that BAME people are at more risk of dying from Covid-19 than white Britons. Now data collected by Survation on behalf of the Fawcett Society suggests they are suffering other effects disproportionately.
Of people who were not in employment due to disability or were retired, more than three times as many BAME women as white women reported that they had recently lost support from the government (42.5% versus 12.7%).
Overall, BAME women as a whole were most likely to believe they would end up in more debt after the outbreak, struggle to make ends meet in the next three months, and be worried about how to pay the rent or mortgage, the analysis, to be published on Monday, found. They also reported the lowest levels of life satisfaction and happiness.
Dame Donna Kinnair, chief executive and general secretary of the Royal College of Nursing, said: “This new evidence shows that those in power have avoided tackling the issues of systemic racism and structural inequalities for far too long, and this avoidance has worsened outcomes for BAME women in particular. Nurses, some of whom are BAME women themselves, see this in their work every day.
“The message is clear: equality and inclusion are the bedrock for good health, prosperity and a cohesive society. It is time for us to all talk seriously about the racism disadvantage some women face compared to the privilege of others, and take action.”
The analysis, carried out by the Women’s Budget Group, Fawcett Society, Queen Mary University of London and London School of Economics, was based on a poll of 3,280 people.
It found that of those having to go out to work, concern about having to do so was highest among BAME people, with 65.1% of BAME women and 73.8% of BAME men reporting anxiety about doing so, compared with 60.9% of white women and 52.9% of white men. BAME women working from home were more than a third more likely than white women (41% to 28.2%) to say they were working more than before the pandemic.
It was not just a lack of government support that BAME women complained about. Just under half (48.3%) of BAME women, compared with 34% of white women, said they had lost support from other people.
Sam Smethers, chief executive of the Fawcett Society, said: “As the government relaxes the lockdown, it must consider the impacts on different ethnic groups and also adopt a gendered approach. The unequal impact of this crisis is driven by existing structural inequalities and discrimination in our society.”
The report points out that many people had already lost their jobs when the government’s furlough scheme was announced and that the recently employed are not covered by it. Additionally, it highlights that a 20% salary cut is substantial for those already on low pay.
Its recommendations include removing barriers to social security, increasing economic support, and ensuring that people can work or isolate safely.
Mary-Ann Stephenson, director of the Women’s Budget Group, said: “It is particularly concerning that BAME women are reporting limited access to support from the government. It is crucial that the government carries out and publishes meaningful equality impact assessments on the impact of both the virus itself and their policies in response to it.”
Author: Haroon Siddique
Investment Note: AT&T’s Dividend Yield is Extremely Attractive
It is increasingly evident one of the last things people are giving up during economic duress in this day and age are their smartphones (and data plans). Our society is now so data-dependent that next to food, shelter and clothing, our internet access is one of the essentials.
Along with Verizon (VZ) and T-Mobile (TMUS), AT&T is one of the big three wireless data providers in the U.S. These companies have a lock on the U.S. consumer. Building out a competing network would be very cost-prohibitive (and time-prohibitive) for a new player.
- Warning! GuruFocus has detected 4 Warning Signs with T. Click here to check it out.
- High Yield Dividend Stocks in Gurus’ Portfolio
Now that markets are normalizing. I thus think it is a great time to capture this yield by going long AT&T.
AT&T has increased its dividend at a rate of 3.4% per year for the last 20 years. This has nicely exceeded the rate of inflation, which has been about 2.15% per year over this period.
With AT&T, not only do you have dividend growth, but also inflation protection and recession resistance built-in.
AT&T continues to generate copious amounts of cash flow, which easily covers the dividend, as the following chart attests.
Disclosure: The author is long AT&T.
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