We're talking past each other.
Yes, stock prices are based on expectations and hunches - in a way, it's very similar to playing Vegas. But it's also tied to something tangible - a share of ownership of the value (over some future period of time) of the company and its profits.
Compare GM's stock price in November 2007 with its price in April 2009. $30-ish versus $1-2-ish. Stock prices collapse when companies have huge losses. WorldComm, Enron, GM, Chrysler, etc. GM's stock price being in the $30s shows that its $38B charge was not "real money". If that charge were real, the company would have had to be liquidated and the stock would have been worthless. AT&T's $1B charge is presently in the same category. It's a "non-cash charge". It's not a "loss" and doesn't impact P&L. Nobody knows what AT&T's stock price is going to be in 2013, so saying that any changes then are going to be the result of this charge is silly. The stock market said it has no impact on the stock price.
What does the stock price have to do with P&L? See the first paragraph. A company that is bankrupt does not have a high stock price and a high market capitalization.
HTH.
Cheers,
Scott.
