A VZ/AAPL deal will happen and it's incredibly not in the price of AAPL stock yet. Timing is a bit tricky in that VZ may be waiting for the 4G phone. Interestingly, this should be a boon for QCOM as well, but the market hasn't been that anticipatory for a number of years now. Instead, the market is waiting for firm news in many cases before unleashing large pent-up moves.
Another case in point is GOOG with Chrome. Chrome has a huge amount of the browser market already and is truly a stunning piece of software. My view is it is the next major OS for computing globally. But until people see it in a Dell sans Windows, or Lenovo/Acer/HP, etc.....they don't see how transformative that will be.
Anyway, back to AAPL, I've always thought it's an instant $15-25 for the shares once the deal comes to fruition; though now I think we could see a short period of sell the news (like what's happened the past 2 days...) and then see the price action catapult.....