Sprint Falls Most Since 2008 After Saying It Needs Capital

Sprint Nextel Corp., the third-largest U.S. wireless carrier, slumped the most in almost three years in New York trading after saying it needs to raise more capital as it spends on a network upgrade and new handsets.

“Do we need to access the markets? Yes,” Chief Financial Officer Joseph Euteneuer said at a meeting with investors in New York today. “But we have flexibility on that timing,” he said, adding that Sprint has enough money to handle debt maturities through March 2012.