Sprint Plunges Most in More Than a Year on Wider Loss
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Sprint Nextel Corp. fell the most in more than a year after missing analysts’ earnings estimates as the company subsidized the cost of mobile phones for customers using its new wireless network.
The third-quarter loss was 30 cents a share, the Overland Park, Kansas-based carrier said today in a statement. Analysts projected a loss of 28 cents, the average of estimates compiled by Bloomberg. Its shares fell as much as 12 percent, the largest intraday decline since Feb. 10.