Volume Spike Investor

There has been a monster volume surge in shares of Sprint Nextel Corp. (NYSE: S).  The talk is out that Sprint has decided to cancel its major securities sale.  The firm took a hit with earnings when it said it was going to do a large preferred securities sale and short sellers were very active in the name.  This has traders thinking maybe that the old rumors of a deal of some sort with SKTelecom might not be as dead as they thought it might be after earnings.  Until you get a real report from teh company, treat this as speculation or hearsay.  Shares are up about 5%, but the stock has trraded more than 200 MILLION shares as of 3:25 PM EST.

Jon Ogg

August 7, 2008