Shortly after BellSouth, the nation's No. 3 local phone company, sent its stock plunging yesterday by saying it would fail to meet its financial targets for 2002, one analyst released a report titled, "It's Official -- There Is No Place to Hide."

In some ways, the pronouncement was as startling as it was apt. While the carriers fought each other and CLECs withered, RBOCs could sit back with their near-monopolies and reap growth, profits and the adulation of investors.

Or so the story went.

The Bells' problems keep mounting.

Asked about growth prospects, a Verizon rep said, "We see long-term growth on the wireless side, and also a great opportunity to offer wireless services to our enterprise customers."