Updated Nov. 7, 2025 — 19:21 UTC
AT&T (NYSE: T) traded narrowly lower this afternoon as investors digested a fresh legal development tied to school and library broadband subsidies, an advertising ruling about iPhone promotions, and new commentary on the company’s Open RAN rollout. Broader U.S. equities were also softer heading into the weekend, which kept a lid on telecom shares. 1
AT&T stock price today (intraday)
- Price:$24.70
- Change:–$0.04 (~–0.16%)
- Day’s range:$24.665 – $25.09
- Open:$24.81
- Volume (intraday):~38.4M shares
Source: real‑time quote as of 19:21 UTC.
Market backdrop: Major U.S. indexes were on track for their first weekly decline in about a month, with tech leading losses and risk appetite subdued. That macro tone helped keep T’s intraday gains in check. 1
The news driving AT&T (Nov. 7, 2025)
1) Long‑running E‑Rate whistleblower case heads to trial
A federal judge in Wisconsin denied AT&T subsidiary Wisconsin Bell’s motion for summary judgment, clearing the way for a January trial in a 2008 whistleblower suit alleging overcharges to schools and libraries under the FCC’s E‑Rate program. The ruling revives the risk that AT&T could be forced to repay millions, potentially in the hundreds of millions, depending on findings at trial. AT&T did not comment to the publication reporting the decision. 2
Why it matters for the stock: While the case is old, moving from procedural limbo to a scheduled trial introduces a new legal overhang investors must handicap when valuing near‑term cash flows.
2) Ad watchdog: clarify “everyone gets iPhone 16 Pro on us” claim
The National Advertising Review Board (NARB) affirmed a prior National Advertising Division decision, recommending AT&T modify advertising that could imply all customers are eligible for a “free” iPhone 16 Pro. NARB said any material plan restrictions must be clearly disclosed. AT&T said it would comply with the decision. (The underlying case was initiated by Verizon.) 3
Additional coverage noted the ruling lands just after AT&T went to court in a separate dispute with BBB National Programs over using NAD decisions in marketing. 4
Why it matters: This is unlikely to be financially material by itself, but it underscores ongoing scrutiny of carrier promotions and could influence how AT&T designs and discloses future handset offers.
3) Network build: Open RAN sites carrying commercial traffic
In an interview published today, AT&T VP of RAN Technology Rob Soni said the operator’s Open RAN deployment is carrying commercial traffic, with Fujitsu radios interfacing with Ericsson baseband and a cloud‑based open network management platform running third‑party applications. He indicated AT&T is roughly halfway to a target of ~70% of traffic on open‑capable interfaces by the end of next year. 5
Why it matters: Execution on Open RAN and recently announced $23B spectrum additions are central to AT&T’s mid‑band 5G capacity build and home‑internet ambitions; both should support service quality and cost efficiency over time. 6
Quick fundamentals & near‑term context
- 3Q25 snapshot: AT&T beat subscriber expectations (405k postpaid phone net adds) on heavy iPhone‑season promos and bundling, though revenue modestly missed consensus; adjusted EPS matched expectations. Shares rose on the print. 7
- Income angle: AT&T paid its quarterly dividend earlier this week (Nov. 3, 2025). 8
What today’s mix of headlines means for investors
- Legal overhang is back on the table. The E‑Rate case advancing to trial won’t change operations, but it adds scenario risk. Investors will look for clarity on potential damages and any timeline for resolution. 2
- Marketing guardrails tighten. The ad ruling is a nudge to refine disclosures; it should have limited P&L impact but may slightly temper the optics of “free phone” promotions. 3
- Execution on the network thesis continues. Open RAN progress—and the large spectrum purchase—support the longer‑term quality and efficiency story that underpinned AT&T’s subscriber momentum into the fall. Watch for deployment milestones and real‑world performance indicators over the next quarters. 5
Near‑term watchlist
- January 2026: Trial in U.S. ex rel. Heath v. Wisconsin Bell scheduled; any pre‑trial settlements or motions will be telling. 2
- Network cadence: Updates on Open RAN scale‑up and utilization of newly acquired spectrum. 5
- Macro crosswinds: With U.S. stocks wobbling this week, sector‑wide risk sentiment remains a swing factor for T in the short run. 1
Bottom line
As of this afternoon, AT&T shares are essentially flat to slightly lower in a weak tape. The E‑Rate case moving to trial introduces a discrete (but not yet quantifiable) legal risk, the NARB decision tweaks how AT&T markets promos, and Open RAN momentum reinforces the multiyear network upgrade story. For now, the day’s news skews more to headline risk than cash‑flow impact, while execution on 5G/fiber remains the key driver into 2026. 2
Disclosure: This article is for informational purposes only and does not constitute investment advice.
