that T must execute better is right on IMO. They are moving at a pace that is even hard to measure. For example, when they announced the AWE tracking stock, it took them months to get it issued, and by the time they got around to it the good times for raising capital were over. Now they are doing the same thing by stringing shareholders along with the promise that we will receive our shares in AWE SOMETIME in the future. The fact is that T is trading at a level that should already reflect the transfer of the shares of AWE.
The lower earnings announcement was the killer though. Nobody wants to buy stock in a company with decling profits. When the profit picture turns aroung so will the share price of T. Anyone care to guess when that is likely to happen
The profit picture was hurt by the delay in the UMG merger. Perhaps closing the merger will help get things back on track. But, as you say, T management has moved at a snail's pace. They have got to get off their buns and do a better job of execution. Ultimately, it is C. Michael Armstrong who must take responsibility here.