Millennial investors were piling into AT&T in anticipation its big merger with Time Warner would get approved

AP Photo/Evan Vucci

• Millennial investors had been buying up AT&T stock, according to data from the free-trading app Robinhood.
• The Department of Justice on Tuesday approved the $85 billion merger between AT&T and Time Warner.
• Watch AT&T trade in real time here.

Millennial investors were piling into AT&T shares in anticipation the Department of Justice would approve its $85 billion merger with Time Warner.

Data from the free-trading app Robinhood, popular amongst millennials, showed 7,278 investors bought AT&T shares using the app over the past week. It is unclear as to what specific days the transactions occurred, so it is possible the bulk of the purchases came after the deal's approval was announced.

The flow into AT&T shares moved the stock up to 25th place on the list of the 100 most-owned stocks on the app. AT&T was previously the 29th most-owned stock by Robinhood users. As of this week, 41,927 people on Robinhood own AT&T stock, up 21% from a week ago.

The AT&T and Time Warner marriage has been roughly two years in the making and a source of heavy scrutiny. At issue was whether a combination of the two giants would violate US anti-trust laws and create a lack of choices for US consumers.

President Donald Trump is on the record saying the merger is "not good for the country." But the deal was approved on Tuesday. That sent AT&T shares down nearly 5%, and put many of those recent buyers underwater on their positions.

Markets Insider