I don't have a clue...but I can tell you that *I'm* not buying AT&T's stock Monday morning!
In the short term, AT&T will have tremendous merger costs. In the big picture, AT&T is losing long distance subscribers each year.
Over the long term, AT&T will be able to dramatically cut costs by eliminating large numbers of management jobs.
Will that be enough for AT&T to be competitive with cable, cellular, and internet long distance (and video phones)?
Man, I don't have that answer for you.