Sprinting Sprint Nextel (S)

Posted in General 
November 16th, 2009

Sprint Nextel Corp. (NYSE: S) appears to be one the largest S&P gainers this morning.  The only news was the repayment of a $1 billion loan, but real news out today causing the run-up is the Oppenheimer upgrade to OUTPERFORM from Neutral.  The price target was also raised to $6.00 from a prior $4.00 price target.  At 9:46 AM EST we have shares trading up almost 11% at $3.44 on 15.5 million shares.  Average daily volume is 55 million shares and the 52-week trading range is $1.35 to $5.94. We would also note that this is already seeing options activity picking up this morning in the longer-dated expiration months.

JON C. OGG

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