If the Yell Group offering goes well, other directory companies may follow, telecommunications analysts say.

"But my style is not to pay any attention to others," a telecommunications analyst said.

"The big three wireless companies are not the same as they were five years ago," said Jeff Kagan, an independent telecommunications analyst.

With the new military planning, telecommunications analysts say, the wireless companies have little hope of obtaining those licenses any time soon.

"I don't think there is anything really wrong with the company," an independent telecommunications analyst, Jeff Kagan, said in a note to investors.

ST Telemedia is a black box to most telecommunications analysts.

Some telecommunications analysts also say the existing pool of phone numbers is poorly managed.

To many telecommunications analysts and executives, Bell Atlantic's model seems to require more work on the part of the incumbent.

He is a telecommunications analyst with his own consulting firm.

"Prices to consumers are quite high in Germany," said a telecommunications analyst in London, who asked not to be identified.