Sprint Gains as Arora’s SoftBank Exit Seen Brightening Outlook
- SoftBank CEO Son more committed to Sprint long-term: Macquarie
- Sprint shares rise to seven-month high in Wednesday trading
This article is for subscribers only.
Sprint Corp. rose to a seven-month high as investors speculated that the wireless carrier would get more investment from parent company SoftBank Group Corp. after a key management change.
Former SoftBank heir apparent Nikesh Arora, whose departure was announced this week, had “expressed no clear-cut plan for Sprint during his tenure,” Macquarie Group Ltd. analyst Amy Yong said Wednesday in a note. With Arora leaving, Chief Executive Officer Masayoshi Son is committing to running the company for longer than he originally planned. Son has a more long-term vision for the U.S. wireless company, Yong said.