United States Cellular Corp (USM)

This is a multipart communications play.
Sell short AT&T (T), MetroPCS (PCS), Leap Wireless (LEAP)
and
Buy Verizon (VZ), Sprint (S), United States Cellular (USM)

T, PCS, and LEAP are all trading at ridiculous levels higher than book value especially when compared to some of its peers (see buy list). Additionally taking into account their balance sheet expansion over the past 4 years, their future will be severely limited relative to its rivals going forward. These four already seemed priced to perfection.
With the funds gained from selling short the above
BUY VZ, S, USM, TDS
These companies are trading at a good value to its book. Verizon only shows value if compared to its biggest competitor, AT&T. As the rollout of 4G actually plays out by end of 2010, whether its LTE (VZ/AT&T's technology) or WiMax (Clearwire/Sprint/Intel's tech), VZ will have access to an even wider market (by having common network as AT&T) and Sprint is likely to carry SOME profit out of the mess. Sprint is already priced to failure of its Wimax technology, even if it shifed gears on technology & took further massive writedowns on its intangibles, its potential for expansion in the future seems strong. USM & TDS are essentially the same company through insider ownership & show great value compared to its rivals on the short list at the top of the pitch.
Disclosure: Currently own shares in USM. Am looking to jumping in some of the plays mentioned above.

Comments, Criticism, & discussion is most welcome.

Cash rich, smart growth company. Focus on small to mid sized markets recently expanding in two major metro areas- mostly Midwest. A great regional carrier that has a customer service focused sales model. Repeat customer is the goal with solid coverage and customer satisfaction. Core value will drive this company to succeed.