While Fios's impact on Comcast is negligible so far and the cable operator is taking the industry lead on getting DOCSIS 3.0 deployed, the company's stock has taken a beating this quarter -- down 16%. Barron's notes that investors seem to think satellite & telcoTV are going to win the war, though one noteable Wall Street analyst says investors have been seriously over-estimating the telcoTV impact on the cable industry's bottom line.

Investors also seem to be ignoring Comcast's domination of the VoIP sector, and the fact they've added three million VoIP customers in just two years. One possible explanation for investor nerves (aside from the possibility investors often don't know what they're talking about) is buried in Barron's analysis:We've noticed that both Comcast and Sprint have been grumbling about their co-branded Pivot wireless service -- which for $15-$25 on top of a traditional Sprint mobile phone plan will net cable customers mobile video content, email access and web browsing. Comcast's CEO has hinted that there's limited consumer interest, while Sprint has complained that the cable operators aren't pushing the service very hard.

Will Comcast bid on the precious upcoming 700Mhz spectrum and create their own wireless broadband offering? Moffett notes that the cable industry may not need more, since (with Sprint) they just acquired $2.4 billion worth of spectrum -- enough to become the industry's fifth largest wireless carrier. But it seems like somebody (Sprint, Comcast, aunt Ethel) needs to team up with the highly interested Google and create a wireless supersystem to do battle with incumbent 3G offerings.