6.45 +0.03 (0.47%)
After hours: 6:02PM EDT
|Bid||6.40 x 45100|
|Ask||6.46 x 36200|
|Day's Range||6.37 - 6.49|
|52 Week Range||5.44 - 8.06|
|Beta (3Y Monthly)||0.05|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 29, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||6.65|
Sprint (NYSE: S) has followed T-Mobile (NASDAQ: TMUS) by taking steps to allow customers to put more than one number on a single device. The No. 4 U.S. wireless carrier has picked Movius' cloud-based platform to offer the service. Sprint expects the multi-number, single-device service to launch in the first half of 2017.
ROCHESTER, N.Y., Oct. 21, 2019 /PRNewswire/ -- Vuzix® Corporation (VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced the launch of a turnkey Vuzix Smart Glasses Remote Worker Connectivity Bundle on Sprint, a leader in IoT and telecommunications innovations. This bundle, which is expected to become commercially available in December 2019, consists of cellular connectivity bundle (or package) on the Sprint Curiosity™ IoT core network inclusive of an Inseego MiFi 8000 hotspot, Vuzix Remote Assist, a see-what-I-see SaaS solution and one of three Vuzix smart glasses options - Vuzix M300XL, Vuzix Blade or Vuzix M400.
LOS ANGELES, Oct. 21, 2019 /PRNewswire/ -- Sprint (NYSE:S) is introducing two devices to its suite of indoor small cell solutions to improve data coverage and speeds in residences and businesses. The devices are a small femtocell and a new version of the award-winning Sprint Magic Box, both of which will be on display at the company's MWC Los Angeles 2019 exhibit (Los Angeles Convention Center, South Hall #1702), Oct. 22-24. "We're continuing to expand our portfolio of award-winning, all-wireless small cells with a new femtocell and another variant of our popular Magic Box line," said Dr. John Saw, Sprint chief technology officer.
Colorado became on Monday the second state to drop out of an effort by state attorneys general led by New York and California to stop T-Mobile US Inc's $26 billion merger with Sprint Corp. Colorado struck a deal with T-Mobile and Dish Network Corp , which is buying assets divested from the merger. In the deal, Dish pledged to bring 2,000 jobs to the state and T-Mobile pledged to deploy the next generation of wireless 5G across much of Colorado, the state attorney general's office said in a statement.
The Colorado Attorney General’s Office is ending its participation in a multi-state lawsuit to halt the T-Mobile and Sprint (NYSE: S) merger, after reaching agreements with Dish and T-Mobile. Under the terms of the agreements, Englewood-based Dish (Nasdaq: DISH) will locate its new wireless headquarters with at least 2,000 full-time employees in Colorado. T-Mobile, in turn, will significantly built out a statewide 5G network, particularly in rural areas.
(Bloomberg Opinion) -- WeWork’s valuation keeps sliding. SoftBank Group Corp., its largest outside investor, is now targeting $8 billion through a rescue package it’s putting together, according to Bloomberg News. But Masayoshi Son ought to be careful. While the deal may set a floor under WeWork, it could also diminish his standing along with SoftBank and its $100 billion Vision Fund.Mere months ago, WeWork was seeking an IPO at a $47 billion valuation, now withdrawn amid whispers that the real value should be closer to $15 billion. SoftBank’s new plan goes even further and represents an 83% haircut that means serious pain for The We Co., founder Adam Neumann, and other shareholders including venture-capital investors and employees.If SoftBank pulls it off, the move would cement Son’s reputation as a feared dealmaker, one that earned him the nickname Big Stack Bully. That’s because SoftBank would be a huge beneficiary of such a massive down round while everyone else could be clear losers.The Vision Fund(1) paid top dollar when it built its stake of around 29% in the office rental startup. By buying more shares, at an $8 billion valuation, Son might get to increase his stake while lowering the average price at which he paid. That would boost any possible upside from a future IPO, even if it were to happen at a substantial discount to $47 billion.While talks are fluid and terms could change, as Bloomberg noted, a likely result of such a rescue package is that existing shareholders might lose on all counts: Their stakes get diluted and the value of their investment gets slashed, yet they’re stuck with a much higher average price of acquisition. Shareholders who didn’t pay cash for their stakes, such as employees, wouldn’t suffer that third consequence, though they’re no less disadvantaged since they’ve effectively bartered cash salary for shares.What would be more troubling than SoftBank making this offer is WeWork’s board actually accepting it.Currently, they’re weighing up two options: the SoftBank equity deal and a debt package being put together by JPMorgan Chase & Co. Many board members will also be equity holders — representing investors such as VCs — so anything that cuts their stake or valuation wouldn’t be welcome. Debt, on the other hand, transfers risk to bondholders.Given WeWork’s current financial situation, though, debt investors have been growing increasingly skeptical of the company. Its 2025 U.S. dollar bonds plunged over the past month, with the JPMorgan-led financing package reported to include debt with yields as wide as 15%. Taking the SoftBank package would likely indicate that JPMorgan couldn’t put together an attractive enough deal for its consortium of about 100 investors to stomach.It could be a pyrrhic victory for Son, though. I recently argued that his reputation is more important than his stake in WeWork. The Vision Fund should be able to write down that investment to zero and still churn out attractive returns. But there are signs that the halo surrounding Son and SoftBank is starting to fade.Japan’s Finance Ministry plans to close a tax-avoidance loophole that SoftBank used to its advantage, Nikkei reported Sunday. The company paid no tax in Japan last year thanks to a series of complex paper transactions that booked losses by shifting assets within the group, according to the newspaper. In other words, a good portion of SoftBank’s returns last year came not from savvy investing but merely from exploiting tax laws.That sort of thing feeds into an increasing distrust by regulators and the general public for tech companies and their billionaire bosses who dodge taxes, no matter how legally. SoftBank and Son need trust to raise a second $107 billion Vision Fund, get regulatory approval for the merger of its U.S. telco Sprint Corp., and have continued access to the best deals in the startup world. Forcing a haircut of this scale on WeWork at its weakest moment, and at the expense of other stakeholders, won’t help build that kind of confidence.(1) The stake is held by theSoftBank Vision Fund and affiliatesTo contact the author of this story: Tim Culpan at firstname.lastname@example.orgTo contact the editor responsible for this story: Patrick McDowell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The Federal Communications Commission approved the Sprint/T-Mobile merger on a 3-2 party-line vote. With all three regulatory approvals, the fate of the merger is in the hands of a bipartisan group of attorneys general from 16 states and the District of Columbia that are suing to stop the merger. The trial begins Dec. 9.
T-Mobile US Inc's proposed $26.5 billion tie-up with Sprint Corp won formal approval from the Federal Communications Commission on Wednesday in a vote split along party lines, two sources told Reuters. Chairman Ajit Pai and two Republican commissioners voted to approve the deal while two Democratic commissioners voted against it, the sources said. The lawsuit against Sprint and its parent company Softbank Group Corp and T-Mobile and its parent Deutsche Telekom AG argues the deal will lead to higher prices for consumers.
Bernstein has launched coverage of the telecom, cable and satellite sector with a mostly positive outlook and bullish recommendations on several stocks. The Analyst Bernstein analyst Peter Supino initiated ...
OVERLAND PARK, Kan., Oct. 16, 2019 /PRNewswire/ -- Sprint (NYSE:S) and the 1Million Project Foundation announced today that Shelby County Public Schools will receive a grant valued at more than $160,000 to connect 160 high school students who don't already have access to the internet at home. The 1Million Project Foundation launched in August 2017 with a mission to help one million high school students achieve their full potential by ensuring they have the digital tools and connectivity they need to succeed in school.
The Japanese conglomerate has been ravaged in recent months by a toxic brew of bad investments and terrible press. LightShed Partners lays out the bull and bear cases.
The Navy has added Sprint and Manhattan Telecommunications to an estimated five-year, $993.5 million contract.
(Bloomberg) -- WeWork’s bankers are pitching investors on what would be one of the riskiest junk-debt offerings in recent years, sending the company’s existing bonds into freefall.A roughly $5 billion financing package led by JPMorgan Chase & Co. is the company’s preferred option, rather than selling a controlling stake in itself to SoftBank Group Corp., according to people with knowledge of the matter. The structure and terms under discussion may change depending on investor appetite. Notably, the financing may include at least $2 billion of unsecured payment-in-kind notes with an unusually hefty 15% coupon, one person said. The deal may give the venture’s top private shareholders a final chance to avoid having their stakes severely diluted.That proposed yield -- nearly double what WeWork paid on its debut bond offering last year -- underscores skepticism among debt investors that the company will be able to stem its cash bleed and become profitable anytime soon. It’s a costly option that may however reward investors handsomely in the event of an actual turnaround.WeWork’s existing notes, $669 million of 7.875% bonds due in 2025, fell the most on record Tuesday morning after Bloomberg reported on the potential terms for a new debt package. The junk bonds dropped to a record low of 79 cents on the dollar to yield 13.4%, according to Trace, before retracing a bit to 79.5 cents.WeWork’s leaders hope to turn around the office-sharing venture with emergency borrowing, even if it’s expensive, rather than watching early backers’ equity and influence diminished in a rescue by SoftBank. Top stakeholders include controversial WeWork co-founder Adam Neumann, as well as venture capital giant Benchmark Capital. Their holdings soared in value and then cratered as investors spurned an attempted initial public offering, which was halted last month.“There may be little appetite for a cash-burning business facing other headwinds, even with a bond yield over 10%,” Bloomberg Intelligence analyst Arnold Kakuda said in a report last week.Only JPMorgan Can Fill WeWork’s $47 Billion Hole: Shuli RenJPMorgan’s bankers are discreetly sounding out investors and floating potential terms for the package of debt, which could help the unprofitable startup avoid running out of money as soon as next month. The financing relies on WeWork’s largest shareholder, SoftBank, following through with a plan outlined in a regulatory filing to contribute at least $1.5 billion in funding next year, according to one of the people, who asked not to be named discussing confidential talks.Representatives for WeWork and JPMorgan declined to comment.The board of WeWork parent We Co. is working with investment bank Perella Weinberg Partners LP as the company weighs its financing options, according to people familiar with the matter. A representative for the New York-based investment bank declined to comment.As recently as September, We appeared to be headed toward a rich valuation in its public debut before investors balked over concerns about the venture’s governance and mounting losses. The company ended up ousting Neumann as chief executive officer and postponing the offering. The delay leaves WeWork without a crucial source of funding: a $6 billion loan contingent on a successful IPO.The financing plan JPMorgan is developing could give the company some breathing room.The $2 billion of proposed unsecured debt may carry an additional sweetener for investors: equity warrants designed so that investors could boost their return to around 30% if the company gets to a $20 billion valuation, according to the person who described the structure. WeWork would pay only a third of the coupon in cash, while the rest of the interest would accumulate and become due at maturity, the person said.The financing package may also include around $1 billion of secured debt that would be sold to investors, as well as about $1.7 billion in letters of credit that would be split among participating banks, according to the people.JPMorgan’s assistance reflects the combination of financial and reputational interests as well as CEO Jamie Dimon’s mantra that the bank “be there in good times and bad” for its clients. The bank already is the lead lender on WeWork’s $650 million revolver loan and a major lender to Neumann. Its funds are among WeWork’s largest shareholders.There’s no guarantee the financing package will be completed, as it’s unclear if there’s sufficient demand from banks and debt investors. WeWork has said about 60 financing sources have signed confidentiality agreements as part of the process, indicating JPMorgan and the company are casting a wider net than is typical for such a deal, according to people familiar with the process.But as talks continue, people inside WeWork view a potential sale of a controlling stake to SoftBank as a backup plan, less desirable to employees whose holdings would shrink in such a deal, according to people with knowledge of their thinking. WeWork is expected to make a decision as soon as this week about which option it will proceed with.Since pulling its IPO, the startup’s new leaders have promised to rein in its once lavish spending. The venture has said it’s looking to offload several of the companies it recently acquired, plans to shutter an elementary school located in its corporate headquarters in New York and even put its $60 million corporate jet up for sale.Masayoshi Son, the head of SoftBank, last month tasked Chief Operating Officer Marcelo Claure, a former CEO of Sprint Corp. with cleaning up WeWork, people familiar with the matter said. Claure’s role has not yet been defined, but the people said he would be looking for ways to cut costs and boost revenue.Son, SoftBank Risk Too Much With WeWork Takeover: Tim Culpan(Updates with Perella in ninth paragraph)\--With assistance from Ellen Huet, Sridhar Natarajan, Edwin Chan, Claire Boston, Ed Hammond and Liana Baker.To contact the reporters on this story: Davide Scigliuzzo in New York at firstname.lastname@example.org;Michelle F. Davis in New York at email@example.com;Gillian Tan in New York at firstname.lastname@example.org;Sarah McBride in San Francisco at email@example.comTo contact the editors responsible for this story: Mark Milian at firstname.lastname@example.org, ;Nikolaj Gammeltoft at email@example.com, ;Michael J. Moore at firstname.lastname@example.org, David Scheer, Dan WilchinsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
OVERLAND PARK, Kan., Oct. 15, 2019 /PRNewswire/ -- Sprint will begin preorder for Google Pixel 4 and Pixel 4 XL on Oct. 16 at www.sprint.com/pixel4 with full retail availability on Oct. 24. Announced today, Pixel 4 is the next generation of premium smartphones from Google. With an outstanding camera, new Google Assistant, helpful new ways to interact, and more, Pixel 4 is the most advanced Google-designed phone to date.
(Bloomberg Opinion) -- Masayoshi Son could be on track for the biggest triumph of his career. Or the biggest failure. His decision to jump in and save a drowning unicorn, WeWork, goes against the precepts of the SoftBank Vision Fund that he founded, and could cause reputational damage worth more than the billions of dollars in this one deal.SoftBank Group Corp. may get control of the troubled office-rental startup as part of a financing package that could relieve a looming cash crunch, Bloomberg News reported. Directors of The We Co. may soon choose one of two options: a SoftBank takeover, or a debt package led by JPMorgan Chase & Co.Actually running one of the fund’s portfolio companies would be a grave step for a man entrusted to manage $100 billion of investors’ capital. Such a move goes beyond doubling-down on a flailing investment in a single company and would saddle Son’s team with a task the fund wasn’t set up to tackle. That puts at risk not just shareholder money, but the status of the Vision Fund and its mastermind, Son himself.WeWork was one of the world’s hottest companies before its IPO prospectus revealed it was burning cash and had a complicated shareholding structure that overly favored its founder and chairman, Adam Neumann. Public investors balked, forcing the company to shelve a planned listing. That brought its valuation crashing down, to as little as $15 billion from $47 billion.In late September, there was talk that SoftBank would give WeWork more cash in return for a reduced price at which it acquires stock. That deal would have made sense, allowing Son and his investors to enjoy a wider upside from an eventual exit, or at the very least narrow any downside from a worsening valuation.Having sunk as much as $10 billion in WeWork, it’s understandable that Son and his team want to do all they can to save it.Engineering the exit of Neumann, as SoftBank successfully did, is not tantamount to re-engineering the company and its troubled business model. This is likely the beginning of an ugly cleanup, as my colleague Shira Ovide wrote. But that doesn’t mean SoftBank should be the one to do the dirty work.It’s normal for a startup's investors to offer advice, make introductions, or even force change. It’s highly unusual for a venture capital vehicle to then become the parent company, tasking itself with being the turnaround merchant. That’s the realm of private equity and takes a different skill set. It also takes a lot of time and management resources.Son’s desire to be a savior may be strong. His 2012 takeover of U.S. telecommunications company Sprint Corp. is one of the most notable examples. But Vision Fund investors may also take it as a warning: Sprint remains unprofitable. It has also taken up a lot of management time as SoftBank executives worked to find a buyer — Sprint now plans to merge with T-Mobile USA — and then regulators to allow the deal to go through.As big as WeWork is, that investment is just 10% of the Vision Fund. Yet VC investing returns aren’t measured in percentage points, but multiples. The Vision Fund should be able to write off WeWork in its entirety and still post solid profits. It also means that expending an inordinate amount of time, and reputation, on one investee is not in the best interests of the Vision Fund’s other 82 portfolio companies, nor its investors.Of course, there may be another strategy: Keep WeWork on life-support just long enough to raise the second Vision Fund. Plans for this sequel already look shaky. Would-be backers seem to be having second thoughts and SoftBank is reported to have leaned on its own employees to take out loans to fund personal investments. The WeWork debacle isn’t making the Vision Fund 2 an easy sell.The reputations of Son and the Vision Fund needn't be made or broken by one deal. Sure, a successful turnaround could do wonders. But it seems more likely that negative headlines will keep coming for years and gradually erode Son and SoftBank’s mystique. This hill isn't worth dying on.To contact the author of this story: Tim Culpan at email@example.comTo contact the editor responsible for this story: Patrick McDowell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Area Sprint Stores Will Provide Charging Stations OVERLAND PARK, Kan. , Oct. 11, 2019 /PRNewswire/ -- To assist customers in parts of California affected by the electrical companies' planned commercial ...
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing more than 730 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of June […]
OVERLAND PARK, Kan., Oct. 10, 2019 /PRNewswire/ -- Sprint (NYSE:S) today announced its first store now has the capabilities to provide American Sign Language (ASL) interpretation for its customers. The all-new video remote interpreter leverages the Sprint Video Remote Interpreting (VRI) app and is Sprint's next step in ensuring all Deaf and Hard of Hearing customers are provided with top quality service. "We are proud to offer a solution that is inclusive to our customers who are deaf or hard of hearing," said Mike Ellis, director, Sprint Accessibility.