Telecom & Wireless
Sprint (S) Rises Aloft On Wild Rumors
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Sprint (S) has traded about ten times its normal volume with over 261 million shares changing hands. The market is ablaze with rumors that the cellular carrier will cancel its plan to raise $3 billion in the open market and take the money from Korean company SK Telecom instead. SK has been trying to get in the front door at Sprint for over a year.
There is no reason to believe that shareholders will get diluted any less if the money comes in as a convertible sold to the public or as a direct investment from SK.
It is a nice way from people to get sucked in at a relatively high price only to see the stock drop later.
Douglas A. McIntyre
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