NEW YORK (TheStreet) -- AT&T (T) rose after the telecom behemoth announced it plan to invest $3 billion into its mobile Internet network in Mexico. Time Warner Cable (TWC) advanced as reports surfaced that Charter Communications (CHTR) will likely be successful in snapping up the cable company.
AT&T climbed 1.1% to close at $36.19, on a day when the broader markets retreated.
The telecom carrier got a lift after announcing it planned to spend $3 billion on its high-speed mobile network in Mexico, according to a Reuters report. With its plans to enlarge its footprint, AT&T is planning to reach roughly a third of Mexico's population in the next six months, the report noted.
Overall, AT&T is aiming to reach 100 million customers in Mexico by late 2018, according to Reuters. AT&T currently owns lusacell, the No. 3 wireless carrier in Mexico, and Nextel, the No. 4 wireless carrier. AT&T's top executive in Mexico reportedly said in May that AT&T may need a couple of years to get its business in Mexico to where it wants it, according to Reuters.
Time Warner Cable advanced 0.5% to end the session at $177.17.
While Wall Street is apparently giving Charter Communication's multi-billion-dollar buyout offer for Time Warner Cable a 50% chance of successfully going through, New Street Research is giving the deal an 80% to 85% chance of making it, according to a Wall Street Journal report.
Back in May, Charter announced a stock and cash deal valued at $78.7 billion for Time Warner Cable, including the assumption of debt. The deal is expected to close by the end of the year, with Time Warner Cable shareholders snagging a 44% stake in the combined companies.