Sprint (S) shares ran to morning highs of $3.39 after CNBC highlighted items from a conference call and noted that iPhone sales will result in huge cash flow for the company. However, the stock came under pressure and was halted after an AP story indicated that the company will stop selling Clearwire (CLWR) compatible products and Reuters reported that Sprint might need to access the market to raise capital. Shares hit a low of $2.65 when trading resumed and were recently down 17 cents to $2.84. Trading in options on the stock is brisk, with 68,000 calls and 18,000 puts traded on the name through midday. Players were sprinting for Jan 3.5 calls in ealry trading and the flow included a morning buyer of 3,739 contracts at 50 cents on ISE. 9,100 traded and the marrket is now 35 to 38 cents. Oct 3.5, Oct 3, Jan 3, Weekly 3, Nov 3.5. and Nov 4 calls on Sprint are seeing interest as well. Meanwhile, implied volatility in the options is ripping 15.5 percent higher and is elevated at 112.5.