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New AT&T Aims To Be "First Rate'; CEO Vows Consistent Growth; Whitacre says SBC-AT&T merger will add to earnings in '07, ahead of schedule.(INTERNET & TECHNOLOGY)
Byline: REINHARDT KRAUSE
Wireless. Internet. Business services. AT&T touted all of that and more at its annual analysts meeting in New York on Tuesday.
What analysts liked the most, in the near term, was AT&T's announcement that it plans to buy back $2 billion of its shares in 2006.
Shares in the new AT&T, created by SBC Communications' purchase of Ma Bell in November, have climbed 6% this year. Shares slipped a fraction on Tuesday, but Monday reached their highest close since December 2004. AT&T on Thursday reported better-than-expected fourth-quarter results.
In recent years, growing competition has cut profits at traditional phone companies. Some have eased the pain for shareholders by boosting dividends.
Deep Cuts Ahead
Shares in AT&T and SBC have lagged the market for years. Even so, AT&T Chief Executive Edward Whitacre told analysts the combined firm should be a better pick than its predecessors for investors.
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