However, other investors countered that so-called disruptive technologies would take a long time to actually disrupt AT&T and Verizon's business. For the most part, Internet will be delivered by cables controlled by the phone companies, they said.
It's not surprising that talk of defensive plays would dominate discussion. Despite a futures market that pointed to gains in the Nasdaq (QQQ) and S&P 500 (SPY), most investors still felt bearish. Sentiment on the ETF that tracks the S&P 500was 70% bearish before the open, according to StockTwits analytics. Sentiment on the ETFs that tracks the Nasdaq and the Dow (DIA) hovered around 58% and 60% bearish, respectively. At the time of publication the author held no positions in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.