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Sprint Tumbles After Report of $20 Billion IPhone Commitment

Sprint Nextel Corp., the third-largest U.S. wireless operator, tumbled after a report the company had committed to buy at least 30.5 million iPhones over four years, which would cost $20 billion at current rates.

Sprint fell 31 cents, or 10 percent, to $2.73 at 4:15 p.m. in New York Stock Exchange trading. To win the right to carry the device, Sprint had to commit to buying the phones from Apple Inc. whether Sprint could find buyers for them or not, the Wall Street Journal reported.