Across the country, college classes are starting. In each of these classrooms, students are struggling with calculus, trudging through Candide, and wondering just what the hell they're going to do with their degrees upon graduation. The last of these is characteristic of every college student, especially those of us, with the foresight fortitude recklessness zeal to major in liberal arts fields (in my case, Philosophy).

The anxiety is a bit higher this year, given a high rate of unemployment, the likelihood of a "jobless recovery" and the fact that it could take years for destroyed value to be recovered.

AT&T Inc. (NYSE:T), once that stodgy, Old World telecom stock that your parents (or grandparents) probably owned, is roaring back.

First, AT&T merged with the SBC Communications in a $16 billion deal, to create the largest telecom company in the United States. Next, in 2006, T bought Baby Bell BellSouth (NYSE:BLS) to create a truly massive carrier with roughly 68 million access lines, along with Cingular, the biggest mobile phone service in the nation.

Add to the above a broadband service that's increasing in value as the demand for broadband services continues to grow at double-digit rates, a wide landline network, and an emerging Digital satellite TV business via the Echostar's (NASDAQ:DISH) DISH network that's gaining on cable competitors, and the result is a formidable triple play -- phone, Internet, TV -- company.

The S&P 500 has announced several changes to the index. Ensco International (NYSE:ESV) is replacing BellSouth (NYSE:BLS). Cimarex (NYSE:XEC) will join the S&P Midcap 400. Hornbeck Offshore Services (NYSE:HOS) will join the Small Cap 600.

As the stocks are added to major indices, many index funds will be forced to buy them to stay current with the indices they track. Other "closet index funds" may add them as well. Should you?

If history is any guide, probably not. According to a piece in last week's Wall Street Journal [subscription required]: "... buy stocks that have been removed from the S&P 500. Those that suffered that indignity this year are up 27% on average since removal, while those that were added to the index are up only 1% since joining, notes Paul Hickey of Birinyi Associates."

While there were no stocks demoted in this group (BellSouth is no longer listed as it was acquired by AT&T.), the data would seem to suggest that investors may do well to avoid ESV and possibly HOS and XEC too.