AT&T Wireless (AWE) was down 6% as parent AT&T (T) - Get Report executed a stock swap designed to position AWE as an independent company.

The telecommunications giant is offering 1.176 shares of AT&T Wireless for each share of AT&T.

AT&T said it had so far given out about 438.2 million shares of AWE. Final results will be announced June 4.

AT&T was down 0.9%.