Lets face it. THe market lost faith in Robert Allen, and who wouldn't after countless billion dollar charges to the income statement and the most ridiculous succession episode in recent corporate history. The best thing for ATT is for Allen to go, something that should have happened years ago.
As for the core business, anyone who has traveled overseas can attest to the franchise ATT has abroad. I have been in locales where the only LD carrier available was ATT, as I stood there helpless with my Sprint/MCI cards. So, now that the succession planning is over, lets see Armstrong right this listing ship