What an insane day, the worst for AT&T in years. We recently covered exactly what the catalyst was driving the news, but now attention is on video. Cord cutting, specifically. On a break-even day for the stock market, AT&T shares plunged more than 6% after the company divulged it expects to report a loss of 390,000 video subscribers in the third quarter, renewing concerns about the wages of cord-cutting.

While the company said it will gain 300,000 new subscribers to DirecTV Now, leaving the net subscriber loss at 90,000, the rates for that skinny bundle service are considerably lower than AT&T’s other pay-TV offerings, raising concerns on Wall Street. Shares fell 6.1% to finish at $35.86, near a 52-week low.

“No one should have expected AT&T’s video subscriber results to be good in Q3,” analyst Craig Moffett of MoffettNathanson wrote in a research note. “But we doubt anyone expected them to be this bad.”

Other analysts are a little more sanguine. In a third-quarter media industry forecast released today, Doug Mitchelson of UBS said he expects pay-TV subscriptions overall to decline 0.9% in the quarter compared with the same period last year, even with the first and second quarters. “Contrary to consensus, we believe cord-cutting remains quite stable,” he wrote.

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