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Leading wireless provider, AT&T, Inc. (T - Analyst Report) announced last week that it has joined forces with Filip Technologies to market a tracking device for kids. This new device is wearable on wrist and would provide information on location and direction messages as well as support voice calling. Despite being positive news to the market, it did not hold much of an impact on the stock prices.

This new product can be controlled by smartphones through an application. The device would also provide critical information in the form of notifications if kids leave a designated area. It also features an intelligent emergency procedure that locates the child and enables communication with the family.

The product emphasizes AT&T’s growth path beyond the conventional and saturated wireless market in the U.S. With innovative product offerings, the company is strengthening its foothold in diversified products, which secures its market value in a competitive U.S. telecommunication market.

Apart from tracking devices, AT&T is also expanding its presence in home security technology market.  Last month, the company launched its home security and automation service package – Digital Life package in six additional markets including Charlotte, Hartford, Jacksonville, Oklahoma City, Tulsa and Milwaukee. Prior to this launch, the company expanded Digital Life in Orlando, Providence, Virginia Beach, Rochester, Buffalo and Syracuse. By the year end, AT&T expects to take its Digital Life package across 50 markets.

However, in its legacy business, AT&T is looking at opportunities to improve its growth profile through a number of strategic initiatives. The company plans to woo customers with early upgrades to smartphones and tablets every year. The program allows customers to get new phones without paying extra on down payment, activation fee, upgrade or financing fee. New and existing customers due for an upgrade can avail this offer.

The carrier will also start offering a new device upgrade service called AT&T Next that will allow subscribers (both new and existing customers) to change their old smartphones or tablets every year without any upgrade fee or down payment. Further, AT&T struck a deal with New Zealand based Opus International Consultants to render global networking services.

AT&T, which operates with Verizon Communications Inc. (VZ - Analyst Report), Sprint Corporation (S - Analyst Report) and United States Cellular Corporation (USM - Analyst Report) has a Zacks Rank #3 (Hold).

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