Sprint Nextel (NYSE: S) reported third quarter earnings this morning, reporting a mixed bag, beating on the bottom line, and missing on the top line. Shares are off 4% today, but are off the lows of the session. The Kansas City-based company reported a third quarter loss of 10 cents per share on $8.3 billion in revenues. Wall Street was expecting a loss of 22 cents per share on $8.38 billion in revenues.
"Sprint's focus on creating the best customer experience with simple, unlimited plans and innovative products and services continues to strengthen our brand and drive positive results," said Dan Hesse, Sprint CEO. "We are adding to our customer base, our ARPU is increasing, and as a result our wireless revenues are growing."
However, the real issue is why are there are so many hedge funds involved in the name. From David Einhorn of Greenlight Capital to Dinakar Singh of TPG-Axon Capital, there are a slew of hedge fund investors in the cell phone company.
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