The highlight of AT&T's (T) earnings report could be an update on its proposed merger with DirecTV (DTV), according to Angelo Zino, an equity analyst at S&P Capital IQ. 'Any type of clarification on when that deal closes here I think would be great for investors,’ said Zino, who believes the merger will be transformative for the telecom company. The two companies announced their intention to merge over a year ago, and AT&T has said the deal will result in $2.5 billion in cost synergies. AT&T reports its second-quarter results on Thursday, and Zino is expecting the telecom company earned $0.63 per share, on revenue of $33 billion. Zino also expects to see fairly healthy growth in wireless subscribers. 'I don't think AT&T's results will be anywhere near those of T-Mobile's (TMUS), but still we think they continue to chug along pretty well,' said Zino. T-Mobile recently announced a big increase in its net customer base. Verizon(VZ), which reported earnings Tuesday, also said it added new subscribers, but growth slowed from a year ago. Zino said any decline in the subscriber base at AT&T would be a cause for concern.