Orlando, FL -- (SBWIRE) -- 08/15/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On: Sprint Nextel Corporation (NYSE:S), Renren Inc(NYSE:RENN).
Sprint Nextel Corporation (NYSE:S) shares dropped 0.14% to $7. Sprint Corp.’s new owner has picked up a bigger stake in the company and it’s planning to buy more. SoftBank Corp. has been buying more Sprint stock over the course of several transactions that began on August 1, raising its stake in Sprint from 78% to slightly more than 79%.
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Additionally, the company on July 30 reported an operating loss of $874m, a net loss of $1.6bn and a diluted net loss of 53 cents per share for the quarter including costs related to the Nextel network shutdown. Revenues rose slightly to $8.87bn from $8.84bn a year earlier. In the same period a year ago, the operating loss was $629m, the net loss was $1.4bn and the diluted net loss was 46 cents per share.
Renren Inc(NYSE:RENN) shares declined 8.30% to $4.20. The company on August 14 said its second-quarter loss narrowed as the company's revenue continued to increase and margins improved.
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The company reported a loss of $9.3 million, or three cents an American depositary share, compared with a year-earlier loss of $24.9 million, or six cents an ADS. Stripping out stock-based compensation, amortization and impairment of intangible assets, the company's adjusted loss narrowed to $3.8 million from $21.8 million. Analysts most recently forecast a loss of seven cents a share. Revenue rose 11% to $49.6 million. Last month, the company lowered its revenue view to a range of $49 million to $50 million, citing delays in releasing mobile games to the Android phone market.
Additionally, the company, on July 30, announced that it will hold its annual general meeting of shareholders at 42/F, Edinburgh Tower, The Landmark, 15 Queen's Road Central, Hong Kong, China on August 29, 2013 at 4:00 p.m. (local time). No proposals will be submitted for shareholder approval at the annual general meeting. Instead, the annual general meeting will serve as an open forum for shareholders and beneficial owners of the Company's ADSs to discuss the Company's affairs with management.
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