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Sprint and SPDR S&P 500 ETF Among Most Active Stocks in NYSE Pre-Market


MetroPCS Communications was down this morning.

MINYANVILLE ORIGINAL The three most active funds and stocks in pre-market trading on the NYSE were Sprint (NYSE:S), MetroPCS Communications (NYSE:PCS), and SPDR S&P 500 ETF (NYSEARCA:SPY) as of 9:05 a.m.

Investors traded 66.64 million shares of Sprint, which was up $0.93, or 18.45%. According to Reuters, Softbank (TYO:9984), Japan's third-largest mobile carrier, is in talks to buy a majority stake in Sprint for more than 1 trillion yen, or $12.8 billion.

Investors exchanged 3.41 million shares of SPDR S&P 500 ETF, which was up $0.68, or 0.47%. (See also Pre-Market Primer: Jobless Claims Unexpectedly Plummet.)

Investors also traded 3.38 million shares of MetroPCS, which was down $0.98, or 8.14%. According to Bloomberg, Sprint announced yesterday that it would hold off on an immediate counterbid for MetroPCS. Sprint wants time to analyze the carrier's planned merger with T-Mobile USA. Also, Oppenheimer downgraded MetroPCS to Underperform from Perform to reflect its wireless consolidation expectations. The firm expects Sprint to buy Leap Wireless (NASDAQ:LEAP) and then merge with MetroPCS within two years.

Twitter: @ChrisWitrak
No positions in stocks mentioned.
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