DISCB - AT&T: Taking A Closer Look At The Bear Arguments

• I delve more into some of the bearish arguments that have been put forward against AT&T.
• I find some of these to be straightforward-enough to brush aside - not because they're not legitimate grievances, but either because they're backward-looking, or are probably more than priced-in.
• These concerns include the upcoming dividend cut, past performance and doubts about management, doubts about NewCo's competitiveness, and the One America News controversy.
• One that's worth paying closer attention is potential structural weakness in the face of competition. The key question for investors, again, though, is whether this is priced-in, already.
• The recent bounce in Discovery stock has implied further erosion in the market cap for AT&T RemainCo.

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