What Happened?
Shares of wireless telecommunications provider Array (NYSE: AD) jumped 6.4% in the afternoon session after the company announced it completed the sale of a portion of its spectrum licenses to AT&T for $1.018 billion.
Following the close of the deal, Array's Board of Directors declared a special cash dividend of $10.25 per share. This dividend was scheduled to be paid on February 2, 2026, to shareholders of record as of January 23, 2026. The move represented a direct return of value to the company's investors from the asset sale. Anthony Carlson, the company's President and CEO, stated that the company was pleased with the significant value realized from the sale and was continuing to return that value to shareholders.
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What Is The Market Telling Us
Array’s shares are not very volatile and have only had 8 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 5 months ago when the stock gained 4.6% on the news that the company reported second-quarter 2025 results that surpassed analyst expectations on both revenue and profit.
The regional wireless provider posted revenue of $916 million and earnings per share (EPS) of $0.36, beating Wall Street's consensus estimates by 1.5% and 7.7%, respectively. The profit result marked a significant improvement from the $0.19 per share earned in the same quarter last year. Investors also reacted positively to a substantial increase in cash generation, with the company's free cash flow margin jumping to 27.3% from 19% a year ago. Despite the positive quarter, the results were mixed, as total revenue still fell by 1.2% year-over-year, continuing a multi-year trend of sales declines for the wireless carrier.
Array is up 5.7% since the beginning of the year, but at $57.09 per share, it is still trading 25.9% below its 52-week high of $77.01 from August 2025. Investors who bought $1,000 worth of Array’s shares 5 years ago would now be looking at an investment worth $1,792.
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