For reasons explained in today’s edition of Smart Tech 50 Weekly Movers, we are initiating a long position in AT&T (NYSE: T) in our Investments Portfolio up to $39. The company’s recent announcement regarding its intention to acquire DirecTV indicates to us that it has an innogration strategy that is not dependent on going head-to-head with Verizon, but will beat up on much smaller competitors instead. Now paying a dividend yield of more than 5 percent, AT&T is the type of business that should hold up particularly well as the Fed follows through on its promise to discontinue its Quantitative Easing program by the end of this year. As Warren Buffet once famously said, “Only when the tide goes out do you discover who’s been swimming naked.” The tide will be going out fast on a lot of stocks during the second half of this year, but high-yielding AT&T won’t be one of them.