Verizon (VZ -2.1%) slips following its Q2 report. Big Red says it sold 2.7M iPhones (AAPL) in the quarter, down from Q1's 3.2M and Q4's 4.3M, albeit while adding 25% of sales are to new customers. Android sales came in at 2.9M. Deutsche is disappointed by Verizon's FiOS net adds, but is pleased with ARPUs and wireless margins. Moreover, 2012 capex is now expected to be "flat to down," - good for VZ's cash flow, but not for struggling telecom equipment firms. T -1.4%. S +1.4%.