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Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

AT&T Unlikely to Budge With FCC on Merger Deal [Wall Street Journal]

Summary: AT&T expects FCC approval of its $80 billion BellSouth takeover by the end of the year without further concessions, according to AT&T senior vice president Chris Rooney. Two Democratic FCC commissioners, Michael Copps and Jonathan Adelstein, refuse to vote in favor of the deal, which has left the commission in a deadlock. But with Senate confirmation of Kevin Martin as FCC chairman, it's expected that Martin will unrecuse Commissioner Robert McDowell, obliging him to vote -- and in all likelihood approve the takeover. Negotiations between AT&T, Copps and Adelstein are expected to resume in the next two weeks.
Related links: Epoch Times: AT&T-BellSouth Merger Hits a Wall . Commentary: Citi: Buy AT&T and Sell VerizonApple's iPhone Would Undermine Carriers' Handset Domination . Conference call transcripts: AT&T Q3 2006 Earnings Call Transcript .
Potentially impacted stocks and ETFs: AT&T (NYSE:T), BellSouth (BLS) • ETFs: iShares DJ Telecom (NYSEARCA:IYZ), ML Telecom HOLDR (NYSEARCA:TTH)

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Source: AT&T Won't Bend Further To Get FCC Approval of BLS Deal