AT&T (T -0.9%) gives back the premarket gains it saw following its Q3 report (I, II). For yet another quarter, stock buybacks (they soared to $3.8B in Q3) allowed EPS to beat estimates even as revenue missed. Also, total wireless net adds fell to 678K from Q2's 1.3M, and postpaid net adds fell to 151K from 320K. Wireless operating margin fell 410 bps Q/Q to 26.2%, partly due to a 20% Q/Q increase in smartphone sales. Total churn rose to 1.34% from Q2's low 1.18%. Verizon (VZ +0.9%), interestingly, is going in the opposite direction.