AT&T: Good for investors, not so good for customers

AT&T (T) customers complain about dropped calls, glacial web-surfing speeds and shoddy coverage. Wall Street, on the other hand, loves the way the phone giant runs its network.

For an explanation of that disconnect, let's take a look at AT&T's third-quarter earnings, announced earlier today. The telecom's results topped Wall Street profit forecasts and delivered revenues in line with estimates. Shares gained about 2% in midday trading to around $26.40.