As if the chair of AT&T didn't have enough on his mind right now…Rumors are surfacing that "The Doctor," John Malone, current Liberty chairman and former owner of the TCI cable systems sold to AT&T over a year ago, may replace C Michael Armstrong. Malone is a majority stock owner in AT&T. The rumors caused a small spike in the stock late yesterday even though insiders say the rumor isn't true. The stock opened at $31 3/4 (NYSE: T).

AT&T declined to comment on the basis that it does not speculate on marketplace rumors.