|Bid||6.29 x 36900|
|Ask||0.00 x 2900|
|Day's Range||6.28 - 6.51|
|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|
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 email@example.com;Michelle F. Davis in New York at firstname.lastname@example.org;Gillian Tan in New York at email@example.com;Sarah McBride in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, ;Nikolaj Gammeltoft at firstname.lastname@example.org, ;Michael J. Moore at email@example.com, 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 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.
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.
(Bloomberg) -- The besuited millionaires chuckled and shifted nervously in their chairs as the co-founder of climate-change protest group Extinction Rebellion urged them to embrace their radical sides.“Consider getting arrested, seriously,” Gail Bradbrook told about 450 people at a London conference this month hosted by Weatherbys Private Bank, whose clients are drawn from among Britain’s wealthiest strata.She was preceded by speakers that included Cambridge University professor David Runciman, who advocated allowing children as young as age 6 to vote in U.K. elections. During breaks, guests could lug full jerry cans up and down a reception room to better appreciate the difficulties of those lacking access to clean water.It was not your usual bank conference. There was little talk of investments, financial products or tax planning. Indeed, the subject matter was light years away from the lender’s roots as a tony offshoot of a family-owned firm that has been at the center of British horse racing since 1770. And that was partly the point.“I didn’t want us to be perceived as a sort of leather armchair, old pictures of horses and very much a sort of a bank of yesterday,” Chief Executive Officer Roger Weatherby said in an interview before the Oct. 1 conference. “Our customers -- and particularly the next generation of customers -- will want us to be using our contacts, our profits and our wherewithal to help in whichever way we think is appropriate.”Such an approach is increasingly important in the once-staid world of private banking. With automation and consolidation on the rise, curating such events is a useful way for firms like Weatherbys to demonstrate the networking and advisory capabilities that justify their higher fees, while exposing clients to speakers and ideas outside their usual orbits.Read more: British banking dynasty that’s even older than the RothschildsEven as many European private banks are battling shrinking profits and declining inflows, Weatherbys’ assets have continued to grow. Customer deposit balances increased 15% to 816 million pounds ($996 million) last year. Rival C. Hoare & Co. -- which hosts similar forums for customers -- also saw deposits rise, up 8% to 4.4 billion pounds in its latest fiscal year.“There is often a closer synergy between the owners of private banks and their clients, with the emphasis on the relationship and being a trusted adviser,” said Caroline Burkart, an associate partner at wealth consulting firm Scorpio Partnership.Created in 1994, the bank is an offshoot of Weatherbys Ltd., which provides the British Horseracing Authority with its central administration, as well as services like pedigree research to a range of clients. Johnny Weatherby, Roger’s brother, is chairman of the equine firm. There’s also Weatherbys Racing Bank, which offers financial services to those involved in the sport.Genteel LandownersThe private bank’s base is diversifying from its traditional clientele of genteel landowners, with professionals, executives and entrepreneurs making up the majority of new customers. The bank’s first Creating the Future conference was held last year and struck a chord with clients. It resulted in two smaller events this year on education and the environment that preceded this week’s gathering. Another targeting those age 20 to 30 is planned for early next year.“It’s hard to curate it, but it’s a lot easier if you have a bank with a history of looking after families,” said Mike Dickson, the author of “Our Generous Gene,” who helped Weatherbys organize the conferences. “They’re much more concerned about issues that are going to affect their family, their children.”The bank says such engagement will be good for business -- in the long term.“We wanted to engage with all our clients, potential clients, introducers and friends on a very different level to that of a transactional banker,” Weatherby said in his opening remarks at the conference. “Transactions can be done by machines.”To contact the reporter on this story: Tom Metcalf in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
One of 17 U.S. states that sued to block a proposed $26.5 billion tie-up of Sprint Corp and T-Mobile US Inc agreed to drop the challenge after reaching a deal with the companies. Mississippi Attorney General Jim Hood said in a statement he will withdraw from the legal challenge over the planned merger of the third- and fourth-largest U.S. wireless carriers. Hood said the prior merger agreement did not include any specific commitments benefiting Mississippi.
(Bloomberg) -- A federal court’s decision Monday to force President Donald Trump to turn over his tax returns may have ramifications outside of politics, and turn out to be a signal on how a judge may rule in the multistate lawsuit seeking to block T-Mobile US Inc.’s purchase of Sprint Corp.Judge Victor Marrero’s ruling on Trump’s taxes suggests that when he presides over the telecom mega-merger, he may not defer to the Department of Justice and Federal Communication Commission’s support for the phone company combination, New Street analyst Blair Levin said in an email. Instead, he will rule on the law when the court hearing about the deal begins in early December in Washington, and it may not be so predictable.“For those on Wall Street -- and there were many -- who believed that the judge was likely to defer to the judgment of the DOJ (and FCC), today’s ruling should be a data point to rethink that view,” said Levin, a former FCC chief of staff. “Today’s ruling suggests to me he is a very thorough, thoughtful judge whose decision will be carefully grounded in the law and facts. Reasonable minds can differ as to where that will lead him in the antitrust trial, but simple deference to the DOJ’s conclusion is not the likely path.”Levin’s assessment is similar to that of attorney Matthew Cantor, who told the New Street analyst last month that while the judge will weigh evidence about the DOJ and FCC decisions, he’s unlikely to defer to those agencies.To contact the reporter on this story: Joshua Fineman in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Brad OlesenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Stocks priced under $10 per share may seem cheap on first glance. But stocks with low share prices often end up there because they have gotten hit by heavy selling pressure. Robinhood keeps a running list ...
Amanda Agati, chief investment strategist at PNC, gives Yahoo Finance insight on why investors could benefit from avoiding absolute-dividend payers and instead focus on dividend growers, such as tech and health care. Agati explains that specialty real estate investment trusts (REITs) are also worth watching because of their exposure to 5G, which she says is the "next great secular growth story."