NEW YORK (TheStreet) -- AT&T(T) - Get Report 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) - Get Report 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 Reutersreport. 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 Journalreport.
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.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.