When CNBC's David Faber broke the news that Verizon (VZ) was in discussions to purchase Alltel for north of $27 billion, Verizon shares tumbled to $36 on Wednesday. I was getting ready to write that such a drop looked to be a good entry point for fans of the deal (count me as one). Wall Street acts fast though, and today the deal was officially announced and Verizon is up $2 to around $39 per share. Quite the change in sentiment.

The buying opportunity is less attractive now, but Verizon remains an excellent large-cap telecommunications investment on similar pullbacks in the future. They are arguably the most well-run telco and consumers continually rank their wireless network the best in the country.

As for other stocks that have gotten cheap recently, I'll have more details on two other large caps shortly.

Full Disclosure: Peridot clients were long shares of VZ at the time of writing