Sprint Nextel Corporation (NYSE:S) In Talks To Be Acquired By Softbank - Clearwire Corporation(NASDAQ:CLWR), PCS

Japan's Softbank Corp said on Thursday it was in talks to acquire an ownership stake in U.S. carrier Sprint Nextel Corporation(NYSE:S).

Shares in Sprint rose 14.3 percent to close at $5.76 on Thursday, off the day's high of $6.04 each, the highest level in four years.

Sprint said that the stake being acquired by Softbank would be large enough to entail a change in ownership, though it did not provide any other details.

The Wall Street Journal had earlier reported that the deal would help the Japanese company expand outside its country and had pegged the value of the deal at more than $12.8 billion.

Sprint is a far third behind its larger rivals Verizon Wireless and AT&T, to whom it often loses its high-paying subscribers.

With 56 million subscribers, the company is also saddled with long term debt of $21 million most of its incurred over its acquisition of Nextel that turned out to be a failure.

The company has recently embarked on an expensive restructuring exercise while it has signed a contract worth $15.5 billion with Apple to buy iPhones from the company over four years.

Earlier this year Sprint Chief Executive had said that the telecom industry was set to go through a period of consolidation and Sprint hopes to be part of that consolidation.

The deal with Softbank is expected to be a short in the arm for the company, easing its financial difficulties and probably also paving the way for an acquisition that could significantly increase its size.

Analysts however said that a foreign company acquiring a stake in Sprit might well put a spoke in its acquisition plans.

Clearwire Corporation(NASDAQ:CLWR), which is 49% owned by 49%, also saw a heavy  buying and rose 70.77% to $2.22 on hefty volume. 

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Apple Inc. (NASDAQ:AAPL) Weighs Tech Sector, while Sprint Nextel (NYSE:S) Hits New High – CLWR, GRPN, EBAY, KITD, PCS, EXPE, LNKD

The tech sector is trading flat on Thursday with Apple Inc.(NASDAQ:AAPL) reumed its downward movement, while Sprint Nextel Corporation(NYSE:S) and Clearwire Corporation(NASDAQ:CLWR) are the notable winners. Technology SPDR (ETF)(NYSEARCA:XLK) is down 0.10%.

Apple Inc.(NASDAQ:AAPL)’s shares resumed downtrend after yesterday’s slight retreat, and the stock was recently down 1.55% to $631.14. The stock has lost almost 10% from its life time high of $705.07 on Sep 21, 2012 just after the launch of iPhone 5.

This morning, there was a good news for its biggest rival, Samsung, where the court has given green signal to Samsung to continue selling its latest Galaxy Nexus smartphone in the US. The US Court of Appeals for the Federal Circuit has approved Samsung’s appeal to lift a ban set by lower court on sales. Samsung wishes to continue selling the phone while challenging a federal judges’ ruling as on 29th June that Apple was likely to win its lawsuit that claimed that Galaxy Nexus violated four Apple patents.

Recently, there have been lot of talk about the company’s potential  to innovate further for its next generation iPhone. The reason is that the company’s latest iPhone was failed to impress its investors due to limited features addition and highly criticized Apple Maps, which was replaced from earlier Google Maps. In fact, today Google Inc(NASDAQ:GOOG)’s chairman Eric Schmidt has iterated what he said earlier in the aftermath of the release of Apple Inc.(NASDAQ:AAPL)’s iPhone5 and the criticism levelled at its mapping software - "Apple should have kept our Maps."

However, still there are some who thinks that the stock is still a good buy at current market price and find it as a good buying opportunity.

Sprint Nextel Corporation(NYSE:S) is making news today as the company confirmed that it has been negotiating a deal with Softbank. Softbank Corp is expected to invest over 1 trillion yen ($12.8 billion) as per the report.

Sprint Nextel is the third-largest U.S. carrier with over 56 million users at end-June and market cap of $15.62 billion of Wednesday’s session.

An analyst at Roe Equity Research estimates Sprint to get an offer of $6.40 a share, witnessing a 27% premium to Wednesday’s closing price.

Shares of Sprint soared 12.40% to $5.66, off its new high of $6.04.

Sprint’s news is pushing Clearwire Corporation(NASDAQ:CLWR) higher as well with the stock soared 52% to $1.97 as Sprint hold 49% of the struggling company. The stock has tripped up circuit breakers

Shares of PCS pared its entire 9% loss for the session and were recently trading flat at $12.01.

KIT digital, Inc.(NASDAQ:KITD) plunged 13% and made a new low although no news has hit the wires explaining the move. Over the course of 2012, KIT has seen management changes, board changes, job cuts, and a 4,000-mile HQ move.

Groupon Inc(NASDAQ:GRPN) shares are rebounding after yesterday’s slump on newsthat eBay Inc (NASDAQ:EBAY) has ventured into what was previously Groupon Inc(NASDAQ:GRPN)’s territory – it has revamped its website and turned it into an online platform for lucrative deals on local services. Shares of GRPN are up over 4%.

Expedia Inc(NASDAQ:EXPE) fell 2.22% after ITG Research claims the company's Q3 domestic sales are tracking to $640M, below a $643M consensus.

Linkedin Corporation(NYSE:LNKD) surged 2.24% after ITG forecasts Q3 revenue will come in at $255M, soundly above a $244M consensus. The business social networking leader has delivered a string of revenue beats, and the Street seems to be pricing in another one.

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DragonWave Jumps On Earnings (DRWI, FOLD, CTB, PCS)

DragonWave, Inc. (NASDAQ:DRWI) stock surged 16.82% to $2.57 after the company posted second quarter net loss of US$1.1 million or US$0.03 per share from US$2.2 million or US$0.06 per share in the comparable quarter last year. Revenue for the second quarter was US$44.16 million, up from US$13.63 million in the year-ago quarter. Analysts expected the company to report a loss of US$0.29 per share for the second quarter on revenues of US$40.85 million for the quarter.

Furthermore, the company announced that for the third quarter of fiscal year 2013, it expects revenue to be in the range of $43 million to $50 million. Analysts are expecting the Company to report revenue of $52 million for the third quarter of 2013.

Amicus Therapeutics, Inc.(NASDAQ:FOLD) shares climbed 6.46% to $5.98 in the early hour after the company announced additional positive preliminary results from an ongoing Phase 2 open-label drug-drug interaction study (Study 010) to evaluate the safety and plasma pharmacokinetic (PK) effects of the pharmacological chaperone AT2220 (duvoglustat HCl) co-administered with enzyme replacement therapy (ERT) for Pompe disease (Myozyme(R) and Lumizyme(R)).

Cooper Tire & Rubber Company(NYSE:CTB) shares gained 7.70% to $20.14 in the morning hour. The Economic Times reported that Apollo Tyres Ltd is in the process of acquiring NYSE-listed tyre maker Cooper Tire & Rubber Company, sources with direct knowledge said. The deal to acquire a controlling stake in Cooper Tire could be in the range of $600-800 million, sources indicated. Apollo Tyres Ltd is raising $150 million via QIP and that will give them enough comfort for raising additional debt for funding the acquisition.

MetroPCS Communications Inc(NYSE:PCS) stock declined 6.56% to $11.25. As per reports from Reuters, Softbank Corp is in talks to buy a majority stake in Sprint Nextel for more than 1 trillion yen ($12.8 billion). Softbank said reports about the talks were based on speculation and it had no comment. Sprint declined to comment.

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Midday Review: MetroPCS Communications (NYSE:PCS) & Nokia Corporation (NYSE:NOK), Sprint Nextel

Nokia Corporation (ADR)(NYSE:NOK) plans to sell its headquarters in Finland as part of cost-cutting program.

It plans to keep its corporate base in the country as said by the company.

"Nokia House", the glass and steel structure popularly known as, situated near Helsinki is one of the options considered by the Nokia Corp in the disposal of noncore real estate holdings, said spokeswoman Maija Taimi.

"No plans to move out of Finland", was even quoted by her. This shows the clear intentions of the company to carry on its business operations in the country.

Will NOK Bounce Back After The recent Slump? Find Out Here

No comment came from Maija Taimi on media reports made earlier on Wednesday over property fetching up to €300 million or $390 million.

To save € 1.6 billion by the end of year 2013, Nokia announced job cuts of 10,000. It is even streamlining its operations.

Shares of NOK are down marginally.

U.S. mobile operations for Deutsche Telekom and MetroPCS Communications Inc(NYSE:PCS) likely to be merge. Creating a larger fourth-place player capable of competing with rivals was what both the companies aimed at.

The board for both the companies voted and approved the deal on Wednesday. The deal stated a hold of 74 percent by Deutsche Telekom and 26 percent by MetroPCS in the combined entity.

With the much awaited merger Deutsche Telekom's T-Mobile gets the scale it needed to compete with AT&T and Verizon.

Listed in the U.S market smaller MetroPCS will buy T-Mobile U.S. "Structured as a recapitalization" MetroPCS will declare a 1 for 2 reverse stock splits and make a cash payment of $1.5 billion to its shareholders as per the deal.

T-Mobile, as the merged company would be better known as, would be led by John Legere.

The company would have pro forma revenues of $24.8 billion in the year of 2012.

It will have 42.5 million subscribers in comparison to that of Sprint having 56 million at the end of the second quarter, Verizon with 94 million while AT&T had 105 million subscribers.

Sprint Nextel Corporation(NYSE:S)’s shares soar 5.50% after plunging in yesterday’s session.

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Early News Recap: PCS, Sprint, LEAP, CLWR, FNP, ROSG, ARUN

MetroPCS Communications Inc(NYSE:PCS) shares are among the top gainers and soared 13.50% on reports from Bloomberg that Deutsche Telekom , parent of T-Mobile USA, is close to a deal for MetroPCS.  Shares of Leap Wireless International, Inc.(NASDAQ:LEAP) also climbed over 12% in early session.

However shares of Sprint Nextel Corporation(NYSE:S) slid another 3.30% after plunging 6% in yesterday’s session. Sprint Nextel shares were downgraded by equities research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research note issued to investors yesterday. Shares of the company are down another 1.50% in morning session.

Will PCS Continue To Move Up? Find Out Here

Clearwire Corporation(NASDAQ:CLWR) also lost 4.50% to $1.28.

Fifth & Pacific Companies Inc(NYSE:FNP) lost 14.80% s after the retailer slashes its outlook for full-year profits with its Juicy Couture brand showing poor results. On the positive side, the company says direct-to-consumer comparable sales for Kate Spade and Lucky Brand rose 21% and 4%, respectively.

Rosetta Genomics Ltd. (USA)(NASDAQ:ROSG) is up 3% after announcing the commercial launch of the miRview mets assay, its flagship product, in the U.S. oncology market. miRview mets2 is a diagnostic tool for clinicians in the evaluation of cancer patients.

Aruba Networks, Inc.(NASDAQ:ARUN) lost 6.50% after delaying the filing of its 10-K - the Wi-Fi equipment vendor says it needs more time to finish assessing its internal controls, due to IT-related deficiencies. The news is overshadowing Wells Fargo's decision to launch coverage with an Outperform and $25-$27 target range.

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