FCC approves Net Neutrality.  Not good for VZ but I still kind of like playing them here.  I think this rule has been holding them back but I'm more interested in their possible partnership with DISH on spectrum leasing.  Anyway, I've always liked both T and VZ and, at the moment, I like VZ more.  

They pay a nice $2.20 dividend (4.5%) and are a cash machine so owning the stock is not a bad idea but I don't want to over-commit so let's buy in the LTP 500 at $49.43 and sell the 2017 $47 calls for $4.50 and the $45 puts for $4.25 and that's net $40.68/42.84 so called away at $47 is + $6.32 + $4.40 in dividends is $10.72 x 500 = $5,360 and we risk owning 1,000 shares at $42.84 if VZ fails.  

By the way – important point about the LTP.  Our starting base for the year was $600K and our goal is at least 10% so, every month, we want to find one trade idea like this that pays $5,000 or more ($60,000/yr).  This one doesn't pay it off until 2017 but that doesn't matter because we've been doing it for a year.  Over time, you should have a nice, steady stream of positions at various levels of maturity. 

If all goes well, then next year we'll have $660,000 and we'll make sure we are making $5,500 each month and then $720,000, $800,000, $960,000 and, in 2020, $1,050,000 and we'll be looking to make $10K(ish) per month (that's 20% of our starting base in year 6!).  

That's how fast things progress if we just make our 10% goal!