Sprint Nextel Corporation (NYSE:S) Shares Moving To Next Level
In the last trading session, Sprint Nextel Corporation (NYSE:S) shares gained 0.29% and closed at $6.95/share. Softbank, the new owner of the company has been slowly yet steadily increasing its stake in the company. Several such transactions have taken place since 1 August 2013. In a filing with the SEC, Sprint mentioned that Softbank now holds more than a 79% stake.
There is a distinct possibility that Softbank’s share-buying activity has led to a gain in the company’s stock prices. Softbank has had to buy these shares from various minor shareholders and these purchases have been actioned via Galaxy Investment Holdings, its subsidiary.
On 30 July, Sprint Nextel Corporation (NYSE:S) reported operating losses in the range of $874M and a net loss of $1.6 billion. This amounts to a diluted net loss of 53 cents in the current quarter. Most of these losses have been attributed to the Nextel Network shutdown. In the same quarter of 2012, the company had reported operating losses of $629 million while the net loss was $1.4 million or 46 cents/share. The company’s revenue rose from $8.84B that it stood at in the previous year, to $8.87B.
In Thursday’s trading session, the Sprint Nextel Corporation (NYSE:S) stock price rose by 0.29%. The opening price of the shares was $6.95 which rose to an intraday high of $6.98 and closed at $6.94. The company has a market cap of 20.94B. Sprint is essentially a holding company. Most of its operations are conducted via its subsidiaries. It operates in two different segments- Wireline and Wireless.
As a communications company, it offers services to individuals, businesses, resellers and government subscribers. Its various operations are organized in such a way that they meet the needs of the company’s targeted subscriber groups via focused communication solutions.