When a stock posts better than expected results and is unable to trade higher, one should be concerned if all the good news has already been priced in. For high yielding telecom stocks, it was the love for yields that caused them to make new 52 week highs. However, the story seems to have changed now. Both AT&T (T) and Verizon (VZ) have traded lower on positive earnings reports. One might argue the bull run in both these telecom giants wont be over unless the treasury yields bottom out; however, we will watch the price action in T and VZ closely to see if they fail to make new highs on any further positive news.