AT&T (T) is surging in early morning trading Monday and it is the 'Stock of the Day' at Real Money. The company reported that they beat Q3 EPS estimates but missed on revenue with a 3% Y/Y drop. The company's strategic review backs a WSJ report earlier this month that activist investor Elliott Management led by Paul Singer was in talks to settle its campaign if AT&T agreed to a review and board changes.
We recommended going long T earlier this month, writing that, "Traders could go long T here or add to existing longs here. Risk to $36 now with $60 as our longer-term price target."