T-Mobile (NASDAQ: TMUS) and Sprint (NYSE: S) jointly said they ended talks to merge as the companies were unable to find mutually agreeable terms.
Sprint stock hit a new annual low of $5.81 this morning, and was last seen down 11.5 percent in its five day average as of close of business yesterday, after the telecom called off its merger with T-Mobile on Saturday. Masayoshi Son, CEO of Sprint parent Softbank, is confident Sprint can grow independently, but said the company would still consider a merger if its management rights are preserved.
Tower stocks on the other hand reached new highs as American Tower (NYSE:AMT) is up 5.6 percent over five days; SBA Communications (NASDAQ:SBAC) is up 6.4 percent over five days and Crown Castle’s (NYSE:CCI) five day average is up five percent. All three hit 52-week highs yesterday. Continue Reading
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