Leap's Genius: Flat Fee Cellular

Leap Wireless International (LWIN) has found its niche: It provides no-frills, talk-all-you-want wireless phone service for $29.95 a month. The service has yet to go national, but its stock has already broken loose: Trading at 20 a share in October, Leap soared to 98 by Mar. 29. It has major partners: Former parent Qualcomm, which spun off Leap in 1998, still owns 5%, and Sprint PCS owns 4%.

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