I'm long on both companies but never considered one a hedge on the other. I'm just a bit heavy on tech with interests in both Intel and AMD, Sprint and AT&T. What's funny, at least to me is I favor Verizon for my carrier but presently sold out when it hit high and don't have any investment in Verizon. I may buy back in as it continues to fall but remain short on it taking cash when I can. I expected AT&T to be gone from my portfolio by now but they are just too stable and don't get high enough to sell short. I'd like you to explain how YOU felt the market got healthier with Google's move. Or did you not mean Wall Street but the cell phone market? 
Did you hear? Credit Suisse has announced it's analysts believe AT&T signed a 1 year extension on their exclusivity agreement with Apple. That came out today. They expect the only benefactors to this will be RIM, Palm and Nokia as they get a new leash on life with Verizon. Apple and AT&T continued to fall after the announcement but then today is a massive market sell off.
Did you hear? Credit Suisse has announced it's analysts believe AT&T signed a 1 year extension on their exclusivity agreement with Apple. That came out today. They expect the only benefactors to this will be RIM, Palm and Nokia as they get a new leash on life with Verizon. Apple and AT&T continued to fall after the announcement but then today is a massive market sell off.
