Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Thursday, October 19th, and I'm your host, Kim Kahn. Our top story so far.

A.T. rose after it boosted its free cash flow guidance for the full year,

amid stronger than expected third quarter results.

The stock is up more than 5%.

The Telecom Giant now expects free cash flow to be about $16.5 billion

for the full year, up from a previous estimate of 16 billion or more.

In addition, the company now expects adjusted I-Dida

to grow at least 4 percent, up from a prior guidance of 3 percent or more.

AT&T said it earned an adjusted 64 cents per share as revenue rose 1% year every year to 30.4 billion.

Including in that was a 3.7% rise in mobility services revenue to 15.9 billion, which led to the company's best ever mobility operating income.

The company generated free cash flow of 5.2 billion during the quarter, up 1.3 billion compared to a year ago.

AT&T has generated 2.4 billion more in free cash flow than it had in 2022.

Seeking Alpha Contributor, Livie Investment Investment Research says the latest earnings results lessen concerns that industry competition and broader macroeconomic challenges could disrupt the company's full year free cash flow outlook. They add that alongside its

relatively recession-proof business model in the connectivity first era, the

current macro-driven valuation setup on AT&T stock represents a compelling entry opportunity to take part in

both an attractive fixed income return as well as longer term upside potential.

Also for income investors Philip Morris International posted a mixed Q3 earnings report.

EPS was ahead of expectations, but Revenue Trail consensus slightly.

Revenue was up 13.8% during the quarter to 9.14 billion.

Total cigarette and heated tobacco unit shipment volume was up 2.2% to 193.6 billion.

Net revenue has increased 9.3% on an organic basis, driven by total

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