EARTHLINK JUMP LINKED TO REPORT OF BUY BY SPRINT.Byline: Colleen McElroy Bloomberg News EarthLink Network shares rose 37 percent Friday on a report that Sprint Corp., the third-largest U.S. long-distance telephone company, may buy the remaining 71 percent of the Internet service provider that it doesn't already own. EarthLink shares rose $19.50 to $71.875, in trading of 3.42 million, almost four times the three-month daily average. Earlier, the shares touched a 52-week, intraday Intraday Another way of saying "within the day."Notes: This term is often used for the new highs and lows of a security. For example, "a new intraday high" means a security reached a new all-time high throughout the trading day, but then fell by closing. See also: After Hours Market, Pre-Market high of $75.75. The Dec. 7 issue of Business Week magazine reported in its ``Inside Wall Street'' column that unidentified people expect Kansas City, Mo.-based Sprint to break an agreement signed in February that prohibits it from buying EarthLink for 39 months. Robin West, a money manager for the New Mexico State Investment Council, estimates Pasadena-based EarthLink is worth $4.8 billion, or $120 a share, based on its projected subscriber base of 4 million in two years. Sprint declined to comment, and EarthLink couldn't be reached for comment. Sprint Chairman and Chief Executive William Esrey said in June that EarthLink was the ``perfect Internet-access partner for Sprint,'' the magazine said. EarthLink said earlier this week that CompUSA, the largest U.S. personal computer retailer, selected the company as its exclusive Internet service provider. Sprint fell $0.0625 Friday to $74.5625. |
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