Sprint Corp. rose 14 percent, the biggest increase in 19 months, as the volatile stock rebounds from a decline in the middle of last week.
Sprint jumped to $3.87, the highest intraday price since July 20, at 12:16 p.m. New York time. The company’s 7.875 percent bonds due 2023 were also among the top 10 most-active trades in high yield, according to Trace.
The shares seesawed last week after the wireless carrier reported management changes and quarterly results, while Masayoshi Son, chairman of SoftBank Corp., Sprint’s majority owner, said that he was now confident in Sprint’s plans and has no intention to sell his stake. Investors digested the various pieces of news, sending the shares up 4.5 percent on Aug. 4, the day of results and down 9.7 percent the following day.
The stock is among a number of heavily-shorted telecommunications companies that are outperforming the market today, said Kevin Smithen, an analyst at Macquarie Securities USA Inc. They include CenturyLink Inc., up as much as 4 percent for the biggest gain in six months, and Frontier Communications Corp., which rose 3.5 percent.
Sprint, based in Overland Park, Kansas, earlier Monday announced the expansion of its “Direct 2 You” house call service to Houston, Atlanta, Philadelphia and Boston.
Through Friday, the stock had dropped 19 percent this year, after losing 61 percent in 2014.