AT (NYSE: T) stock is gaining in trading. The company's share price was up 2.3% as of 2:40 p.m. ET, according to data from S&P Global Market Intelligence.

published its fourth-quarter earnings results before the market opened this morning, and its better-than-expected performance is also making investors more bullish about AT stock. While the two companies are rivals in the intensely competitive telecom industry, Wall Street's reaction points to expectations for positive trends that could benefit multiple players in the space.

In the fourth quarter, Verizon posted non-GAAP (adjusted) earnings per share of $1.08 on sales of $35.1 billion. While earnings for the period were in line with Wall Street's target, revenue beat expectations by approximately $550 million. Verizon also saw strong net service additions for its wireless phone service and broadband service businesses. Given that these categories are also AT's key growth drivers, it's possible that the overall backdrop for the industry is improving.

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Source Fool.com