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AT&T Inc. (NYSE: T) shares moved sharply higher after CNBC's Jim Cramer recommended the stock on his Mad Money Lightning Round. The hedge fund manager turned television star believes that AT&T is not much worse than Verizon (VZ). The firm doesn't have great growth and didn't report a blowout quarter, but Cramer believes it could be a buy 50 cents from its low, with a good dividend and growth.

Last quarter, AT&T announced a 30% increase in profits on strength in its wireless business. The new version of the iPhone is selling twice as fast as the first one, which has led to an increase in related services. Wireless sales jumped 16% and made up for losses in residential consumers. Total revenues climbed some 4.7% to $30.9 billion.

Analysts are also finding themselves bullish on AT&T, predicting continued strength in the wireless business. Experts are predicting that Blackberries and other e-mail phones will make up for losses in residential customers. The iPhone is carrying liftig sales and CEO Randall Stephenson is counting on the devices to win customers from Sprint Nextel (S) and Verizon Wireless (VZ).

AT&T Inc. is a provider of telecommunications services in the United States. The services and products that it offers vary by market and include wireless communications, local exchange services, long-distance services, data/broadband internet services, video services, telecommunications equipment, managed networking, wholesale services and directory advertising and publishing.

Shares of AT&T Inc.  rose $0.54, or 1.76%, to $31.17 in mid-day trading.

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