stock price: Trading volume ballooned to 117.9 million shares, compared with the full-day average of about 28.8 million shares, and enough to make the stock the most actively traded on major U.S. exchanges, according to Market Watch. In a letter to AT&T's board of directors, Elliott Management said it believes the stock's underperformance relative to the S&P 500 SPX, 0.03% over the past decade has left the company deeply undervalued. The stock T, 2.15% ran up as much as 5.2% intraday before paring gains to close up 1.5% at 36.79, which was the highest close since March 16, 2018. Elliott said it's four-part value-creation plan Activating AT&T Plan could create an opportunity to boost the stock price to above 60 by the end of 2021, which would take the stock above the July 16, 1999, record close of 59.19. Elliott disclosed in the letter that it owned a 3.2 billion stake in AT&T, which it appears to have acquired within the past three months. That would represent a gain of more than 65.5% from Friday's closing price of 36.25.
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