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.
August 7, 2008
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