NEW YORK (TheStreet) -- AT&T (T) has been one of the big movers this afternoon after the telecom company announced that it is refocusing on the U.S. market after attempts to acquire shares in British telecom company Vodafone (VOD) fell through. During an investor conference this morning CFO John Stephens said, "We're seeing the window of opportunity in owning assets (in Europe) is closing."
In refocusing on the U.S. AT&T will be working on its Project VIP initiative, which the company describes as an upgrade to its wireless and wireline network. Stephens specifically mentioned expansion of the company's Gigapower fiber optic service which currently services Austin and Dallas.
On the wireless side AT&T announced that its acquisition of Leap Wireless, which will close by the end of the month, will allow it to plug into a new market of customers. Leap owns pay as you go phone service Cricket Wireless.
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Stephens also discussed the recent rumblings of a Sprint (S) and T-Mobile (TMUS) merger. AT&T, which was blocked from acquiring T-Mobile by the Justice Department, does not believe that the government will change its mind concerning industry consolidation and will not allow the merger to go through.
AT&T is up 0.2% to $32.31 at 3:26 p.m. EST.
TheStreet Ratings team rates AT&T INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: