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  1. #1
    Feed Bot CU-News's Avatar
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    Shares of Leap Wireless dip before earnings

    MetroPCS misses Wall Street's estimates, sending down shares for rival small and no-contract carriers including Leap


    More...



    Shares of
    San Diego


    's
    Leap Wireless


    sunk more than 20 percent on Tuesday -- the day before it reports earnings – with the sell-off sparked by weaker-than-expected results from rival no-contract wireless carrier
    MetroPCS


    .
    Leap, which sells Cricket-brand month-to-month wireless service, will report second quarter financial results on Wednesday after markets close. It is expected to lose money as it continues to transition its business toward smart phones.
    Wall Street


    analysts are forecasting a loss of 50 cents a share on revenue of $779.5 million.


    On Tuesday, MetroPCS Communications of suburban Dallas posted earnings of 23 cents a share, while Wall Street analysts had forecast earnings of 29 cents a share.


    It added just under 200,000
    subscribers


    , which was below the 230,000 to 240,000 analysts were expecting. And MetroPCS's turnover -- or the number of subscribers who left versus the number of new subscribers added -- was 3.9 percent, higher than previously quarters.


    The company said its second quarter results stemmed from a sluggish economy impacting its customers, who were having a harder time paying their bills. MetroPCS’s shares fell $5.92, or 36 percent, to $10.26 at Tuesday's close.
    Leap targets a similar customer base as MetroPCS. Its shares dropped $2.76 to $10.25 on the
    Nasdaq


    . The company has been working to reduce turnover and increase subscriber numbers for smart phone users, who typically purchase to a higher margin data plan.


    The sell-off of both Leap Wireless and MetroPCS came of a tough day for Wall Street.
    The Dow Jones Industrial Average


    plunged 265.87 points to 11,866.62 on lingering economic news.

















    Last edited by Chris Rodriguez; 08-02-2011 at 09:33 PM.
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  3. #2
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    People will continue to complain about foreign call centers etc. You think running a cell phone carrier is cheap?
    Please check the forum and post there before PMing me. I have over 674 unread PMs due to the fact that they are issues which should have been addressed here.

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  4. #3
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    What amazes me is how everything is about Wall St. Didn't we learn anything in the last 5 years? The street should not be allowed to dictate the financial health of anything.
    On a positive note, now would be a good time to pick up some Leap and Metro stock. It's a bargain and will go back up.
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  5. #4
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    They are at 10.27 a share right now (LEAP). Metro is at 10.26. Sprint is at 4 bucks. Man I need money to make money.
    Please check the forum and post there before PMing me. I have over 674 unread PMs due to the fact that they are issues which should have been addressed here.

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  6. #5
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    I feel your pain.
    ** Don't PM if you need something. I will NOT respond**
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