Despite Big Numbers, Some Aren't AWEd by AT&T Wireless Tracker

AT&T (T Quote) didn't designate AWE as the symbol for its wireless tracking stock for nothing.

Not only is this highly anticipated IPO slated to be the nation's richest stock debut -- pegged at somewhere in the neighborhood of $9.3 billion to $11.5 billion -- but AT&T has said in regulatory filings that it will spend a staggering $7 billion of the proceeds on such things as building and acquiring more networks.

Investors bedazzled by wireless stocks and the promise of AT&T's brand on a nationwide service likely will run the stock up beyond next month's expected offering range of 26 to 32, investors say. Still, questions about the unit's insatiable thirst for capital investment, its growth rate and its valuation have some people on Wall Street looking to kick the tires first.

The Money Pit

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