Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Smith Collection/Gado/Getty Images

As pressure mounts from an activist investor, AT&T said Wednesday it will sell its wireless and wired assets in Puerto Rico and the U.S. Virgin Islands for about $2 billion to Liberty Latin America.

Why it matters: AT&T is looking for assets to sell to alleviate debt, and analysts say the properties in the hurricane-prone islands are a logical target.

  • “Puerto Rico and the U.S. Virgin Islands are small markets that aren’t contiguous with the rest of AT&T’s properties, they’re not big enterprise opportunities, and they’ve been whacked by hurricanes,” said Jonathan Chaplin, an analyst with New Street Research.

The big picture: The company is feeling the heat after a letter from Elliott Management criticizing AT&T’s strategy and its past acquisitions.

  • AT&T said in the announcement that it would sell $6 billion to $8 billion worth of assets this year, but this deal puts the total at $11 billion.

Yes, but: “They might have surpassed their own goal. They have probably not surpassed Elliott’s goal,” said Roger Entner, founder of Recon Analytics. “And they still have to work around that. Elliott is certainly looming here in the background.”

What's next: Analysts say to expect AT&T to divest more assets as it tries to stay ahead of the pressure.

Go deeper

2 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.

Trump pardons Michael Flynn

President Trump with Michael Flynn in 2016. Photo: David Hume Kennerly/Getty Images

President Trump on Wednesday pardoned his former national security adviser Michael Flynn, who pleaded guilty in the Mueller investigation to lying to FBI agents about his conversations with a former Russian ambassador.

Why it matters: It is the first of multiple pardons expected in the coming weeks, as Axios scooped Tuesday night.