Update. We highlighted increasing call buying in Sprint Nextel (S, news, chart) at 15:00 Eastern time with the stock trading at $7.05 a share. Shares have since rallied on news the company has canceled an offering of $3 billion in convertible stock. S hit a high of $8.55 on the news, 22.1 percent off session lows, and are now trading for $7.79 a share.
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Sprint Nextel Corporation (S) $7.79 +6.13%
Posted on August 7th, 2008 4:03 pm
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