The ATT deal is an 800 pound gorilla - no doubt. Many eyes are glued to the DOJ and possible FCC attempted block of that deal. One collateral play is S. While it had a nice run up last week, the real question remains what is long term viability of S and what is a fair valuation today. At $3.53 share, $4,3 bliion in cash and a possible take out of S by AAPL, CVC, CWCSA, DTV, DISH, etc., I wonder whether the numerous possibilities are priced into the current stock price! Furthermore, S has invested in 4G infrastructure and has strategic partners in Lightsquared and Clearwire. While this represents expenses to the P and L, it is an investment in the long term viability of a key telecom player. S appears to be "in it to win it". My estimate that the fair value is closer to $6.00 today. An efficient market will find this value shortly.