Sprint Nextel Corp. (S) bonds jumped to the highest price in 10 months after the third-largest U.S. wireless carrier posted higher second-quarter revenue than analysts had predicted, bolstered by customers spending more on data plans.
Sprint’s $2.48 billion of 6.875 percent notes due November 2028 climbed 3.8 cents to 86.8 cents on the dollar as of 10:18 a.m. in New York, the highest price since Sept. 15, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The bonds have traded as low as 72.8 cents on June 4.
Sales rose 6.4 percent to $8.84 billion, Overland Park, Kansas-based Sprint said today in a statement. Analysts had estimated $8.73 billion on average, according to data compiled by Bloomberg.
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