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AT&T beat investors' expectations with strong wireless subscriber growth and its lowest-ever fourth-quarter subscriber cancellation rate.

What stands out: Despite the set-back of the Justice Department challenging its acquisition of Time Warner Inc., AT&T had some big wins in Washington in 2016, with the new tax law giving a major boost to its bottom line.

  • The Republican tax law lowered its tax rate from nearly 33% to 21%. AT&T said last month it would give $1,000 bonuses to more than 200,000 employees due to the bill, and would spend $1 billion in additional investment in the U.S.

On Time Warner: AT&T CEO Randall Stephenson said, "we look forward to presenting our case in court and closing the deal."

Legacy losses: AT&T reported $41.7 billion in revenue for the quarter, compared to $41.8 billion for the year-ago quarter. The slight drop was due to declines in legacy services and domestic video. AT&T said those losses were mostly offset by growth in wireless equipment and international business.

Thanks in part to the tax cuts, AT&T reported $19 billion in reported fourth-quarter net income, or $3.08 per diluted share. That's compared to $2.4 billion, or $0.39 per diluted share, in the year-ago quarter.

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Biden has huge cash advantage over Trump as Election Day nears

Democratic presidential nominee Joe Biden in Wilmington, Delaware, on Monday. Photo: Drew Angerer/Getty Images

Democratic presidential nominee Joe Biden had $177.3 million in the bank at the end of September, per the latest Federal Election Commission filings.

Why it matters: President Trump's re-election campaign reported having $63.1 million in the bank at the end of last month, as campaigning enters the final stretch ahead of Election Day on Nov. 3.

Court allows North Carolina mail-in ballots deadline extension

An absentee ballot election worker stuffs ballot applications at the Mecklenburg County Board of Elections office in Charlotte, North Carolina, in September. Photo: Logan Cyrus/AFP via Getty Images

North Carolina can accept absentee ballots that are postmarked Nov. 3, Election Day, until Nov. 12, a federal appeals court decided Tuesday in a 12-3 majority ruling.

Why it matters: The 4th Circuit Court of Appeals' ruling against state and national Republican leaders settles a lawsuit brought by a group representing retirees, and it could see scores of additional votes counted in the key battleground state.