Las Vegas, NV -- (SBWIRE) -- 10/11/2012 -- Beststocksdaily is one of leading U.S. stock update providers to valued investors. Following are the notable volume movers as reported by http://beststocksdaily.com/
Sprint Nextel Corporation (NYSE:S) said on Thursday that it cannot assure that the talks will materialize to any transaction, however, it also confirmed that a deal could take into account a change of power of the company.
The US wireless carrier that has ranked 3rd said it does not plan to disclose any more details before reaching an agreement with Softbank.
Sprint Nextel shares hit its highest level in this year on Thursday as reports of the discussions reach out to people.
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The Wall Street Journal, quoted an anonymous person having knowledge about the discussions, had reported earlier that the potential deal would aid Softbank to expand outside the boundaries of Japan. It set a value of the transaction at an amount more than $12.8 billion.
Sprint owned a marker capitalization of $15 billion when the market closed on Wednesday. This implied that Softbank may not purchase the entire firm.
Sprint stocks increased by 85 cents at $5.89 during the morning trading. Earlier, the firm hit a high in 52 weeks of $6.04 for each share.
Analysts have expressed surprise at this news. There have been numerous discussions of Sprint purchasing other US cellphone firms to aid it in turning around. However, an acquisition by a Japanese firm would not help much to better its competitive position in the US.
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Christopher king, an analyst at Stifel Nicolaus expects to see minor synergies resulting out of such transactions.
In the previous week, media reports and Sprint’s board was considering a bid for MetroPCS
Communications Inc (NYSE:PCS), which is the fifth largest cellphone firm in the US, in order to counter an offer by T Mobile USA.
Softbank, which is based in Tokyo, was once an underdog in the telecom industry of Japan.
Shares of Clearwire Corporation (NASDAQ:CLWR) soared 56% to $2.03 in heavy trading as it may be acquired along with Sprint.
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Moving away from large cap stocks, Santo Mining Corp(OTC:SANP) shares gained momentum this morning and recovered from the recent fall. The stock was trading higher by 23% to $0.590 on high volume. Earlier this week, the stock was down 70% in one day.
Recently, the company announced that it has acquired 100% of Gexplo SRL's rights to the Shalee gold exploration claim in the Dominican Republic.
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