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Vimpelcom has been left for dead

|Includes:Mobile TeleSystems (MBT), VIP

If the chart is any guide, investors have practically given up on Vimpelcom amid ongoing confusion and mystery regarding its proposed plans to acquire Egypt’s Orascom Telecom and Italy’s WIND.

VIP (quote) is still a world-class cell network.

If anything, the latest subscriber numbers show that it is narrowing the gap between it and arch-rival Mobile Telesys (MBTquote).

In August, VIP added nearly a million users in the Russia-centered region, boosting its subscriber base 1.2% while MBT gained under 400,000 new accounts.

But in the meantime, this stock will probably rally the minute we get any clarification of what exactly VIP wants with Orascom and WIND and how the company plans to pay for the merger.

Turnover has dropped off and this could be a major opportunity . . . although not worth putting major capital to work.

Disclosure: No positions
Stocks: MBT, VIP