Shares of AT&T Inc. T, +0.03% are down 7% in Thursday trading, putting the stock on pace for its worst single-day percentage drop since November 2008, when the stock also closed down 7%. AT&T missed both earnings and revenue expectations when the company reported March-quarter results Wednesday afternoon. "AT&T's proactive wireless promotions and steeper than expected declines in entertainment and internet profits weighed on the carrier's 1Q results," wrote Barclays analyst Amir Rozwadowski, who rates the stock at equal weight with a $40 target. AT&T's report came a day after Verizon Communications Inc. VZ, -0.29% delivered a better-than-expected quarter. AT&T shares are down 19% over the past 12 months, compared with a 12% gain for the S&P 500 SPX, -0.24% .