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.
MF Global Ltd. (MF) shares fall 5.68 to 23.60 after saying on Feb. 27 that a registered representative in one of its U.S. branch offices, trading in the wheat futures market in his personal account, substantially exceeded his authorized trading limit. It says this unauthorized activity resulted in him incurring loss of $141.5 million, which MF, as a clearing member, is responsible to settle at the clearinghouse. As a result, it recorded a bad debt provision for the full amount.