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AT&amp;T is the top gainer among S&amp;P 500 stocks in a premarket painted red Wednesday, with the telecom giant’s shares surging over 3% to $18.78. But the retail trading segment isn’t quite vibing with the overall market.The company’s Q2 earnings report, which revealed a better-than-expected addition of 419,000 monthly bill-paying wireless phone subscribers, is driving much of the optimism. This marks a significant turnaround for AT&amp;T, as it's the first year-over-year increase in subscribers in eight quarters, as per <a href="https://www.bloomberg.com/news/articles/2024-07-24/at-t-mobile-phone-subscribers-surge-in-response-to-promotions">Bloomberg</a>.The company’s churn rate, a measure of customer cancellations, also declined to 0.70%, indicating improved customer retention. A marketing strategy offering identical promotions to both new and existing customers appears to be paying off, with nearly 40% of high-speed fiber customers opting for wireless phone services.AT&amp;T’s free cash flow increased by over 9% to $4.60 billion, a positive sign for dividend-seeking investors.<figure class="image"><img style="aspect-ratio:1324/310;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/AT_and_T_Retail_Sentiment_Score_Premarket_Jul_24_3340403233.png" alt="AT&amp;T Retail Sentiment Score Premarket Jul 24.png" width="1324" height="310"><figcaption>AT&amp;T Retail Sentiment Score Premarket Jul 24</figcaption></figure>While these figures are undoubtedly positive, they haven't entirely convinced retail investors. Sentiment on Stocktwits is neutral (53/100) as concerns over other metrics have tempered enthusiasm.<figure class="image"><img style="aspect-ratio:1320/442;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/Bullish_posts_on_AT_and_T_Stocktwits_stream_Jul_24_3608301d2b.png" alt="Bullish posts on AT&amp;T Stocktwits stream Jul 24.png" width="1320" height="442"><figcaption>Bullish posts on AT&amp;T Stocktwits stream Jul 24</figcaption></figure>For instance, both AT&amp;T and its larger rival, <a href="https://stocktwits.com/news/markets/equity/why-retail-loves-verizon-despite-q2-revenue-miss/c7rTlTJRM">Verizon</a>, missed revenue estimates due to slower smartphone upgrade cycles, according to Reuters. This trend has been a persistent headwind for the industry.However, the company's operational track record marred by significant data breaches and a nationwide outage in February that impacted millions of voice calls and thousands of attempts to reach 911, raises concerns. The FCC is currently investigating the outage and could impose a hefty fine.AT&amp;T's subscriber growth is a commendable achievement, but retail investors feel it’s not yet enough to completely offset the challenges the company faces. The road ahead is likely to be bumpy as the company navigates a competitive market, operational hurdles, and regulatory scrutiny.<a href="https://commons.wikimedia.org/wiki/File:New_AT%26T_Logo_in_Dallas,_TX.jpeg">Photo</a> via Wikimedia Commons

What's Retail Feeling About The Top S&P 500 Gainer Premarket Today?

While the broader market is cheering AT&T’s better-than-expected wireless subscriber additions, retail remains concerned about the revenue miss and other potential headwinds.

Equity

SSgA Active Trust - Communication Services Select Sector SPDR Fund

Communication Services Select Sector SPDR Fund

Volume	6.66M
52-Wk High	$87.94
52-Wk Low	$62.82

XLC Communication Services Select Sector SPDR Fund

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