Ma bell is prettying herself up to be sold just as long distance carrier IMO. I was talking to "survivor" who works for consumer long distance and he seems to think his job and many others in NJ maybe going to either Georgia or Missouri. Independently, I heard that either Bellsouth or SBC was going to buy long distance division.
It is risky to be short this market when even laggards are becoming good buyout targets as free cash flow for large cap companies improve.