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Over the last five days, as the Verizon iPhone announcement was rumored into reality, Wall Street did not respond enthusiastically. Both AT&T and Verizon shares have fallen more than 5 percent over that time period including substantial falls in trading so far today.

What this seems to say is that Wall Street anticipates that the competition between the companies, the subsidies that they have to offer, and the concessions to Apple they will be forced to make may not be great for investors.

That's perfectly Wall Street thinking, but it doesn't really make sense. Where would AT&T be without the iPhone right now? It's impossible to predict how many of their customers would have jumped ship without the exclusive deal with Apple to sell the Jesus phone.

While I think it's suggestive, we shouldn't make too much of the last five days as investors have been thinking about -- and pricing in -- the possible impact of the Verizon iPhone for months.

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