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Sprint Nextel shares jump for 2nd day

Tue, 03/09/2010 - 7:20am
The Associated Press

SEATTLE (AP) – Shares of Sprint Nextel Corp. jumped for a second day Tuesday as investors cheered signals that the lagging telecommunications company is getting stronger.

The stock gained 21 cents, or 6.2 percent, to $3.61 in afternoon trading. On Monday, Sprint's shares rose 3.7 percent.

At the Raymond James Institutional Investors Conference Monday, the company's chief financial officer, Bob Brust, told investors the company would pay off $5.2 billion in debt that will come due in the next 30 months, rather than refinance it.

Brust also said he expects "more stable or flattish" revenue this year after two years of declines.

Sprint is the third-largest U.S. wireless carrier behind Verizon Wireless and AT&T Inc. Unlike its larger competitors, Sprint lost customers last year. Brust said losses of customers under contract are narrowing and the prepaid business is strengthening.

More Broadband Direct 3/09/10:
•  Cisco unveils new, powerful backbone router
•  Insight ups revenue, RGUs in 2009
•  Optimum Lightpath lands another Verizon customer
•  TiVo's Q4 loss widens; Q1 to miss Street view
•  Verizon boasts trial LTE speeds
•  Sprint Nextel shares jump for 2nd day
•  Samsung, Panasonic start selling 3-D TVs; Sony's due out in June
•  Stay tuned: More fee disputes over local TV coming
•  IEEE celebrates 30th anniversary
•  Broadband Briefs for 03/09/10

 

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