Have you been paying attention to shares of Telefonica (TEF) ? Shares have been on the move with the stock up 3.3% over the past month. The stock hit a new 52-week high of $4.72 in the previous session. Telefonica has gained 20.8% since the start of the year compared to the 2.9% move for the Zacks Utilities sector and the -0.5% return for the Zacks Diversified Communication Services industry. What's Driving the Outperformance? The stock has an impressive record of positive earnings surprises, as it hasn't m ...