Movers: Sprint Nextel, MF Global, Freddie Mac, Thornburg Mortgage
Sprint Nextel (S) posts $10.36 fourth quarter loss per share (including $29.7 billion non-cash goodwill impairment charge), vs. $0.09 EPS a year ago, on 5.7% lower revenue. It is assessing a reorganization of its business model, associated sales, distribution and marketing plans and financial outlook. It expects to provide an update when these plans are finalized. It is discontinuing declaring a dividend for the foreseeable future. For the first quarter, it currently sees a sequential increase in post-paid churn and a drop in Wireless post-paid subscribers of about 1.2 million customers, which is unlikely to improve in the second quarter. S&P maintains hold.
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