Credit Suisse analyst Douglas Mitchelson sees a T-Mobile (TMUS) merger with Sprint (S) as negative for AT&T (T) and Verizon (VZ) as Sprint and Dish (DISH) are meaningfully less likely to be sources of spectrum in the future, leaving AT&T and Verizon predominantly reliant on spectrum auctions for more mid-band spectrum to fuel their 5G ambitions. Additionally, he believes it will be positive for Dish given the buildout extensions in the DOJ settlement that give Dish breathing room to pursue financing and wholesale capacity purchasers, and positive for Altice USA (ATUS) as investors consider DOJ and District Court willingness to support communications consolidation, as well as the clarity the DOJ consent decree brings, with Altice's prior Sprint MVNO relationship extended to 7 years post close. Mitchelson also sees the merger as neutral-to-positive for Comcast (CMCSA) and Charter (CHTR), and unclear for Media, with New T-Mobile's future video streaming bundling not yet indicated versus the historical T-Mobile bundling with Netflix (NFLX) and Sprint bundling with Hulu.

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Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.

Comcast (CMCSA) is scheduled to announce quarterly results on April 25, while Paramount (PARA) and Warner Bros. Discovery (WBD) are... To see the rest of the story go to thefly.com. See Story Here

Check out this morning's top movers from around Wall Street, compiled by The Fly. UP AFTER EARNINGS... To see the rest of the story go to thefly.com. See Story Here

FY25 EPS consensus $2.16.

Ribbon Communications (RRBN) announced plans for a major network modernization program with Verizon (VZ) to retire legacy TDM switching platforms and replace their function with modern cloud-based technologies. Verizon is leveraging Ribbon's portfolio of Voice Products including the vC20 Call Controller, G5 Line Access Gateway, G6 Universal Media Gateway, virtual and Cloud-native Session Border Controllers, and other products which allows for the consolidation and replacement of equipment with energy efficient, software-centric platforms while maintaining full feature functionality.

Reports Q1 revenue $30B, consensus $28.65B. Reports Q1 349,000 postpaid phone net adds. "Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues," said John Stankey, AT&T CEO. "Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline. We're also delivering on our commitment to grow and improve the quality and cadence of free cash flow, which increased by more than $2 billion year over year. This consistent, solid performance driven by our investment-led strategy gives us confidence to re-affirm our full-year consolidated financial guidance."