Sprint Shares Fall Amid Concern Over Network Expansion

Monday, 25 Jun 2012 04:12 PM

 

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Shares of Sprint Nextel Corp., the third- biggest U.S. wireless carrier, declined the most in almost five months amid concern over the management of its fourth-generation network expansion.

About 250 employees that had been assigned to Ericsson AB to help plan and oversee the network were reassigned back to Sprint. The move was highlighted in a report by Detwiler Fenton & Co., which called the change a “black eye” for Ericsson and a sign that Sprint may have had troubles coordinating the work.

Kelly Schlageter, a spokeswoman for Overland Park, Kansas- based Sprint, said that Sprint and Ericsson determined it was better to move the engineers and network personnel back to Sprint for better strategic control of the network expansion.

Sprint shares fell as much as 7.3 percent to $3.05 Monday in New York, the biggest intraday decline since February.

© Copyright 2014 Bloomberg News. All rights reserved.

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