What happened here? Did a pig let loose some rumor?
a big fall
Its heading to 5.24 baby
10,000 @ 3.39
Sprint bought Virgin Mobile USA for $420 million in stock. Sprint paid $5.50 a share. Source-http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a2rf32MdnhOU
While Thomson Reuters predicted a loss of 3 cents per share for Sprint-Nextel, the company ended up reporting a net loss of just 1 cent per share.
Sprint's senior unsecured debt rating was downgraded to below-investment grade" by Moody's.
NII Holdings Inc. along with several private equity firms have expressed interest in buying the Nextel unit from Sprint. Sprint merged with Nextel in 2005, but since then has been bleeding money and subscribers. There are difficulties with closing a deal including cost that Print will incur and the debt that must be inherited by the buyer.
Sprint reported a day ago that it was going to offer $3B in convertible stock, but Sprint cancelled the offering saying that the "long term offering" was not attractive.
Sprint shocked shareholders when it reported that it was going to offer $3B in covertible stock. Sprint's stock has fallen over 70% since it acquired Nextel and the offering is being looked at as a response to liquidity fears. A Stifel Nicolaus analsyst said the offering could reduce the value of the current stock as much as 10 to 15%.
Preliminary talks have begun between SK Telecom and Sprint to discuss a possible partnership. Sprint rejected a $5B bid from SK in November 2007, but the renewed talks have caused Sprint shares to skyrocket.
Palm's newest smart phone, the Treo800w, was launched today. Treo is being offered on the Sprint network and the phone offers both GPS and Wi-Fi services.
The debut of the new Samsung Instinct has been met with rising earnings for Sprint. The touchscreen phone competes directly with the iPhone. Sprint said sales have been larger than expected and has caused shortages in some stores in the US.
Sprint revenues dropped $9.3 billion or 8% from Q1 07 and lost almost 1.1 million wirless subscribers. A loss of value from Nextel and struggling revenues have scared away many of Sprints long term customers.
Sprint has announced that it plans to enter a massive joint venture with Clearwire Corp in an effort to build a WiMAx network covering 140 million people by 2010. Sprint plans on contributing $5 billion into the WiMax joint venture. Comcast, Time Warner, Bright House, Intel, and Google will also be a part of the joint venture. However, Sprint will have the largest share with a 51% ownership. The deal is expected to be closed by fourth quarter 2008.
The stock rose 6% when there was talks of Deutsche Telekom possibly buying out Sprint-Nextel. Talks have not yet begun and the analysts see the chances of it actually occurring low.
Sprint released its FY2007 earnings on the Feb. 28th, revealing $29.5 billion in net losses for the year. Sprint has been struggling to retain customers, as rivals AT&T and Verizon offer more attractive services and comprehensive network support. Most of Sprint's write-offs have originated from its inability to raise revenue in its mobile services segment.
Sprint lost nearly 900,000 customers in the fourth quarer, is going to lay off 4,000 employees and close 8% of its retail stores.
Providence Equity Partners and SK Telecom offered to invest $5 billion in Sprint, although the company eventually turned down the offer.
Sprint Nextel Announces Key Leadership Changes In Marketing And Customer Experience.
Sprint Nextel Files Lawsuit To Halt Fraudulent 'Traffic Pumping' Schemes.