Oppenheimer Summarizes Verizon iPhone Weekend (VZ, APPL)

Oppenheimer & Co. is out with a note on Verizon VZ after the Apple AAPL iPhone launched this weekend. In a note to clients, Oppenheimer writes, "In an earnings-heavy week, telecom stocks outperformed the market, gaining 2.3% for the week versus 1.4% for the S&P 500. The big winners for the week were mainly in the Internet infrastructure segment as Rackspace (+11%), Savvis (+10%) and Digital Realty Trust (+6%) significantly outperformed as 4Q results have so far been strong in the space. The VZ iPhone store sales were disappointing in their lack of lines, but we do not know how many were sold online. We also do not think the cannibalization of existing AT&T customers was as large as the market feared, with probably a quarter of sales going to existing T customers." Shares of VZ lost 3 cents on Friday to close at $36.39.