New York, Jan 15, 2026, 14:36 EST — Regular session.
- AT&T shares rose roughly 0.3% in afternoon trading, while Verizon and T-Mobile edged lower
- According to an SEC filing, AT&T completed a $1.018 billion deal to acquire spectrum from Array Digital Infrastructure
- Bernstein names AT&T its leading U.S. telecom pick for 2026 amid mounting price pressure
AT&T Inc. shares ticked up Thursday following a regulatory filing that revealed the company wrapped up a $1.018 billion deal for spectrum licenses. The move signals a push to boost network capacity ahead of a packed earnings season for U.S. telecoms. The stock gained roughly 0.3% to $23.69 in afternoon trading.
The airwaves are the essential asset. While more spectrum can boost coverage and increase bandwidth, it also means higher costs—something investors are closely monitoring amid concerns over the stability of U.S. wireless pricing.
This is key as carriers push bundles—wireless combined with home internet—to hold onto customers amid rising promotions. AT&T is working to boost fiber growth and maintain steady cash flow, all while fending off Verizon and T-Mobile.
Array Digital Infrastructure, which used to operate as United States Cellular, finalized its sale to AT&T for $1.018 billion in cash on Jan. 13. The deal included part of Array’s retained spectrum licenses and was accompanied by a special dividend announcement from the company. 1
The Form 8-K filing identified the buyer as New Cingular Wireless PCS, LLC, a subsidiary of AT&T, noting the $1.018 billion deal was settled in cash at closing. It also specified that $232 million of the total was assigned to certain 700 MHz band licenses now fully owned by Array through its 100% equity stake. 2
The 700 MHz band, known for traveling longer distances and better building penetration, is part of the frequencies involved. In contrast, 3.45 GHz sits in the mid-band range and supports higher data capacity, making it valuable for 5G and fixed wireless services.
Bernstein analyst Laurent Yoon has pegged AT&T as his top U.S. telecom pick for 2026, despite flagging a “new era of competition” ahead. He highlighted steep rate cuts from Verizon and Comcast as a clear sign that “the gloves are off.” Still, Yoon believes AT&T can continue growing fiber and fixed wireless access — broadband delivered via mobile networks. 3
More spectrum doesn’t guarantee a clear advantage if it sparks a price war. Increased promotions and faster customer churn could squeeze service margins and tighten cash flow — a tough spot for a high-dividend stock that continues to invest heavily in its networks.
Investors will get a clearer picture on Jan. 28, when AT&T reports its fourth-quarter 2025 results and holds a conference call. Traders are focused on postpaid phone net additions, broadband performance, free cash flow, and any updates to 2026 spending forecasts and guidance. 4
