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The Midday S&P 500: MetroPCS Sinks Due to Softbank-Sprint Deal

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Plus, Microsoft gets a small boost from its new music service.

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MINYANVILLE ORIGINAL Today the S&P 500 (INDEX:.INX) is up .63% to 1,437.66 as of 2:10 p.m. EDT. Microsoft (NASDAQ:MSFT) received a sizable increase of 1.23% to $29.56 per share on news that it will be launching a more comprehensive music service under its Xbox brand. Also up is American Tower Corp (NYSE:AMT) which gained 4.34% to $75.30 per share. However today's big winner is PulteGroup Inc (NYSE:PHM) which rose by 5% to $16.40 a share.

In contrast, Research In Motion (NASDAQ:RIMM) lost .51% of its stock price, reversing its gain from last Thursday and dropping to $7.76 a share. Also down is toy company Hasbro Inc. (NASDAQ:HAS), which lost 4.21% sinking it to $36.76 per share, because of a reduced outlook on the toy industry by Goldman Sachs (NYSE:GS). Today's big loser is MetroPCS (NYSE:PCS) which plummeted by 4.63% to $11.32 per share after Japanese communications company Softbank (PINK:SFTBF) announced it would buy a 75% stake in MetroPCS's competitor, Sprint (NYSE:S).
No positions in stocks mentioned.
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