Tech Business Update: Leap Impacted By MetroPCS Deal, Nokia’s Mea Culpa
Shares of Leap Wireless International (NASDAQ:LEAP) are giving back on Wednesday more than they gained Tuesday on chatter regarding the MetroPCS/T-Mobile deal as investors come to the conclusion that the terms might not be the best for the company. Meanwhile, JPMorgan downgraded Leap to Neutral because it’s dubious about a suitor emerging in the near-term. Worse, JPM characterizes Leap an “unattractive” target for Sprint Nextel Corporation (NYSE:S). On the same day, MetroPCS Communications (NYSE:PCS) shares are falling significantly at mid-afternoon.
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Nokia Corporation’s (NYSE:NOK) Stephen Elop admits that, “I would like to have done better”, regarding his firm’s early Windows Phone (NASDAQ:MSFT) sales, as he believes that WP 7.5 did not provide Nokia sufficient room to stand out and also that its marketing should have been more effective. However, Elop does not doubt his decision to support WP rather than Android, a controversial move considering that Nokia’s total smartphone sales are taking a plunge.
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