1. Company internals continue to deteriorate. Various press releases cite the company's intent to sell none core assets to fund buy backs and more importantly yet the dividend. I would consider the buy backs of secondary nature but the dividend is of paramount importance given that it was raised not long ago.
2. The company is actively engaged in international expansion, i.e. to enter the markets in India, of which they lack the financials to support such market expansion.
3. The overall market is destined to undergo a correction of some kind.
In conclusion, it appears that the corporate strategy of basing the revenue and profitability outlook on wireless growth assumptions is becoming optimistic and something has to give. As a result of all these negative factors, we are likely to see the stock price weakening during the days ahead.
It seems to me that AT&T is doing things backward. You first sell the the none core assets and then do the buying of whatever looks atrractive in price. For example, a couple of weeks back, they purchased spectrum from VZ for $3 to 4B. It appears that they lacked the financials to support such a transaction.
In the meantime, the competition continues to intensify from all angles. DISH, DIRECT-TV and others are likely to create pricing pressures of which in turn will lower the revenue/profitability of the company.