The turmoil in the markets makes it too easy to justify selling any stock these days. Yet while panic never helps investors, it's still a good idea to play devil's advocate with investments.

Consider top telecom AT&T (NYSE: T). Though the communications sector continues to show promise for investors, you'll find more than a few of the 5,074 Motley Fool CAPS members weighing in on the company offering reasons to be bearish.

Here at The Motley Fool, we like to consider both the good and bad sides of an investment, so in this article, so I'm highlighting three of the main bearish arguments on AT&T today. Be sure to read the bullish side as well, and then weigh in with your own comments below, or rate AT&T in CAPS.                                             

1. It's the network
Some investors think the growth of devices like the Apple (Nasdaq: AAPL) iPad and Amazon (Nasdaq: AMZN) Kindle will only add to the network congestion that AT&T is already struggling with, as highlighted publicly through Verizon's (NYSE: VZ) crafty, map-focused ad campaigns. With AT&T's need to shell out significantly more capital this year to keep its network up to par, many CAPS members question its ability to outperform its peers in a brutally competitive market.

2. iPhone reliance
While the iPhone has been a powerhouse for Apple and AT&T, and the phone continues to close the market share gap with products from rivals such as Research In Motion (Nasdaq: RIMM) and Nokia (NYSE: NOK), many investors are almost haunted by AT&T's reliance on the smartphone for growth. With the renewal of AT&T's exclusive deal on the Apple iPhone unknown, investors fear the effects on AT&T's business if the phone were to be offered with another carrier, such as Verizon.

3. Price wars
The heated competition in the telecom business between top players Sprint Nextel (NYSE: S), AT&T, and Verizon has some investors watching from the sidelines, as companies cut prices to insane levels and offer very competitive plans to gain subscribers. Add in consistently growing debt levels on AT&T's balance sheet, and some CAPS members prefer to steer clear of a company facing margin pressures.         

To see details of what CAPS members are saying now about AT&T, just click on over to Motley Fool CAPS and have a look -- or add your own thoughts directly to this story in the comments box below.

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Fool contributor Dave Mock has more than three reasons why summers are better than winters. He owns no shares of companies mentioned here. Nokia and Sprint Nextel are Inside Value choices. Apple and Amazon.com are Stock Advisor recommendations. The Fool's disclosure policyis going snipe hunting tonight -- want to come along?