Sprint Nextel Corp (Overland Park, Kan., U.S.A.) said it could use the proceeds from a private debt offer to fund Clearwire Corp (Kirkland, Wash., U.S.A.), sending shares in the cash-strapped high-speed wireless firm up 8% on Friday.
Sprint sold $4 billion in bonds on Friday, according to underwriters. The company had included Clearwire funding among possible uses for the debt proceeds when it announced the offering on Friday morning.
San Diego, California:
Qualcomm’s Uplinq™ 2012 mobile developers conference will be held June 27-28, 2012 at the Hilton San Diego Bayfront hotel. Geared to provide software developers writing for multiple operating systems a cross-platform view of how to exploit the complete hardware-software system in today’s leading mobile devices and to foster the business connections essential to making money in mobile, Uplinq 2012 will focus on the Android, Windows® Phone and Brew® platforms, as well as HTML5.
Clearwire Corp (Kirkland, Wash., U.S.A.) needs another big wholesale customer to make investors less nervous about buying stock in the wireless service provider, which is majority owned by its biggest customer Sprint Nextel (Overland Park, Kan., U.S.A.).
Some on Wall Street worry that Clearwire -- which has been seeking almost $1 billion more financing to fund its operations and upgrade its network -- is over-reliant on Sprint, with which it has clashed repeatedly in the past.
A judge on Wednesday ruled that Sprint (Overland Park, Kan., U.S.A.) and C Spire Wireless (Ridgeland, Miss., U.S.A.) can pursue part of their antitrust lawsuit against AT&T Inc's (Dallas, Texas, U.S.A.) proposed $39 billion acquisition of T-Mobile USA, a unit of Deutsche Telekom AG (Bonn, Germany).
AT&T and T-Mobile had sought to dismiss the lawsuit, but U.S. District Judge Ellen Huvelle agreed to allow the competitors to pursue their injury claims about the effect the deal would have on the market for wireless devices.
Despite several years of economic woes and rapidly expanding debt, The Republic of Ireland has announced its commitment to Electric Vehicles (EVs) and an aggressive roll-out of charging infrastructure. The country is installing 1,500 public charging stations this year, which puts the country on pace to have a greater penetration per capita than the United States.
Fleet Management Solutions (San Luis Obispo, Calif., U.S.A.), a provider of telematics systems, on Tuesday announced it has been selected by the U.S. Justice Department, Federal Bureau of Prisons (BOP) to equip its fleet vehicles and other mobile assets, with its vehicle tracking and mobile management system.
As many service providers begin to deploy 4G networks, specifically in urban environments, operators are experiencing bottlenecks in their macrocell networks due to a lack of capacity and an increase in data usage. But, it seems there may soon be a solution in the form of microcell networks. Last week at 4G World in Chicago, Illinois, companies were showing off their microcell products, which they believed could solve the 4G capacity problem.
SensorLogic, Inc (Boston, Mass., U.S.A.), a provider of cloud-based platforms for machine-to-machine (M2M) application development, on Tuesday announced that it is teaming with Sprint (Overland Park, Kan., U.S.A.) to help enterprise customers build and deploy M2M applications and managed services.
The collaboration enables Sprint’s customers to leverage their company’s network infrastructure in combination with SensorLogic’s application enablement platform.
Sprint Nextel (Overland Park, Kan., U.S.A.) said it would need $7 billion in new financing agreements over the next few years to cover a cash shortfall created by Apple Inc's iPhone and a network upgrade.
"If we want to maintain a cash balance as high as $2 billion minimum at any point in time, we would want to extend the maturities of $4 billion that come due in 2012 and 2013 and raise between $1 billion to $3 billion, primarily from vendor financing," said Chief Executive Dan Hesse on Wednesday.
The top two U.S. telecom operators, AT&T Inc (Dallas, Texas, U.S.A.) and Verizon Communications (New York) reported financial results from the third quarter of 2011. Both companies reported increased revenue from the year-ago quarter; although AT&T's revenue was below analyst expectations, while Verizon's revenue was slightly higher than expectations. Both companies’ revenue was affected by weak smartphone sales in the third quarter.