With all of the money coming out of CenturyLink (CTL) today, I can see both Verizon and AT&T going up in the next few days. The funds that believe in the telcom stocks will still want the money in that sector. But I don't quite see CTL going down much further, todays drop brought it down to the AT&T level. On the downside to your post, Cramer seems to only get it right about 51% of the time, which is 2% more than I do.
In reviewing the holdings of Investment Grade Corporate Bond ETF, I was rather surprised to see AT&T bonds being one of their top 10 holdings but not VZ. I hope this question won't be on the final exam. It is possible that the fund diversification dictates that they only hold one but not both.