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Sprint (S) Rallies after Reports of Potential Investment from Buffett and Malone
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Shares of Sprint (S - Free Report) rallied in afternoon trading on Friday, closing the day up 4.27% to $8.55 a share after reports that Sprint executives have engaged Warren Buffett and John Malone about possible investments in the telecommunications company.
Sprint chairman Masayoshi Son met separately with Berkshire Hathaway (BRK.A - Free Report) CEO Warren Buffett and Liberty Media’s (BATRA - Free Report) John Malone. The talks are in the early stages, but Berkshire could put more than $10 billion into a potential deal.
Berkshire Hathaway has made other large investments recently. Last month, Berkshire invested $1.5 billion to Home Capital, a Canadian mortgage company. And just days ago, Berkshire Hathaway offered $9 billion to buy Energy Future Holdings.
Buffett and Malone aren’t the only ones talking to Sprint about potential deals. T-Mobile (TMUS - Free Report) has expressed interest in Sprint, and the companies were in talks during May. T-Mobile’s CFO, J. Braxton Carter, has said that a merger would benefit both companies mutually.
In late June, Sprint was also in talks with Charter Communications (CHTR - Free Report) and Comcast (CMCSA - Free Report) for a potential deal. Both cable companies are reportedly interested in offering wireless services on their networks.
Only time will tell if one or all of these deals will go through for Sprint.
S remains a Zacks Rank #3 (Hold). Our consensus estimates show that the company will have positive year-over-year earnings growth for the current year. Sprint is set to report its next quarterly earnings on July 24.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>
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Sprint (S) Rallies after Reports of Potential Investment from Buffett and Malone
Shares of Sprint (S - Free Report) rallied in afternoon trading on Friday, closing the day up 4.27% to $8.55 a share after reports that Sprint executives have engaged Warren Buffett and John Malone about possible investments in the telecommunications company.
Sprint chairman Masayoshi Son met separately with Berkshire Hathaway (BRK.A - Free Report) CEO Warren Buffett and Liberty Media’s (BATRA - Free Report) John Malone. The talks are in the early stages, but Berkshire could put more than $10 billion into a potential deal.
Berkshire Hathaway has made other large investments recently. Last month, Berkshire invested $1.5 billion to Home Capital, a Canadian mortgage company. And just days ago, Berkshire Hathaway offered $9 billion to buy Energy Future Holdings.
Buffett and Malone aren’t the only ones talking to Sprint about potential deals. T-Mobile (TMUS - Free Report) has expressed interest in Sprint, and the companies were in talks during May. T-Mobile’s CFO, J. Braxton Carter, has said that a merger would benefit both companies mutually.
In late June, Sprint was also in talks with Charter Communications (CHTR - Free Report) and Comcast (CMCSA - Free Report) for a potential deal. Both cable companies are reportedly interested in offering wireless services on their networks.
Only time will tell if one or all of these deals will go through for Sprint.
S remains a Zacks Rank #3 (Hold). Our consensus estimates show that the company will have positive year-over-year earnings growth for the current year. Sprint is set to report its next quarterly earnings on July 24.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>