Volume Spike Investor

Sprint Nextel (NYSE: S) is seeing a surge in trading and price after David Faber reported on CNBC that SK Telecom is in talks to potentially acquire the ailing telecom. Faber was very clear that there are no definite terms signed and that a deal is not imminent and potentially weeks away. As SK Telecom is actually smaller, this might also involve private equity. Shares spiked 9% on the CNBC report, but shares are now up almost 8% at $8.92 as of 2:42 PM EST with some 23.1 million shares having traded hands.

Its 52-week trading range is $5.48 to $22.64 and its average daily volume is about 34 million shares.

Jon C. Ogg

July 15, 2008