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Macro: Accounting & Tax Policy

Holding steady in the second slot is David Zion.

David Zion

Credit Suisse

Holding steady in the second slot is David Zion. In March the Credit Suisse researcher warned investors that changes in the tax treatment of Medicare prescription-drug subsidies would prompt large corporations such as AT&T to take massive, one-time charges that would affect earnings, but the damage would not last long. Two days later the Dallas-based telecommunications services provider announced that it would take a nearly $1 billion noncash charge in the first quarter, owing to changes in the tax laws affecting in Medicare Part D. AT&T’s share price dipped 6.7 percent, from $25.40 at the time of Zion’s report to $23.71 in May, before rallying to $27.03 by the end of August. “Dave is the best at explaining complex numbers to nongeeks,” praises one buy-sider.

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