 in Broadwing's (Cincinnati Bell's) common stock value in 1999 and then its collapse in 2000-02 alongside more stable prices for the other ILECs, ALLTEL and Citizens (figure 5-4). ALLTEL and the Bell companies recorded a similar performance, but Citizens-which owns mostly low-growth rural compa- nies-saw its stock price barely change at all during this tumultuous period. It is notable that an incumbent can be almost unaffected by the 1996 act, particularly if it operates in areas where there is little entrant activity. Outlook for the Incumbent Carriers Despite the regulatory constraints under which they have operated since 1996, or even since 1984, the Bell companies are still relatively healthy. At the end of 1996, the predecessors to the current Bell companies had a com- bined market capitalization of $231 billion. By the end of 2003, the four companies had a combined market cap of $241 billion.29 This is obviously Table 5-7. Bundled Pricing Plans Offered by the Bell Companies, July 2004 Bundled services Monthly price (dollars) Verizon Verizon Freedom Unlimited local and long-distance calling, other 49.95-59.95 features Verizon Freedom with DSL Unlimited local and long-distance calling, Varies; 84.90 in Massachusetts unlimited DSL Verizon Freedom with Internet Unlimited local and long-distance calling, choice of internet dial-up plan Varies; 79.95 in Connecticut Verizon Freedom with Wireless Unlimited local and long-distance calling, choice Varies; 86.44 in Massachusetts of national wireless plan Verizon Freedom All Unlimited local and long-distance calling, unlimited Varies; 116.39 in Massachusetts DSL, choice of national wireless plan ALLDISTANCE Connections Local, long-distance, and other features 48.95 Total Connections DSL Local, long-distance, DSL, and other features 75.90 Total Connections DIAL Local, long-distance, internet, and other features 61.90 Bell South Value Answers Premier Local, long-distance, and other features; 54.99-59.99 unlimited minutes DSL Bundle Local, long-distance, and high-speed In