Sprint Corp. rose 14 percent Monday, the biggest increase in 19 months, as the volatile stock rebounds from a decline in the middle of last week.
Sprint jumped to $3.87, the highest intraday price since July 20, in late morning trading. The company’s 7.875 percent bonds due 2023 were also among the top 10 most-active trades in high yield, according to Trace.
The shares seesawed last week after the wireless carrier reported management changes and quarterly results,. In addition, Masayoshi Son, chairman of Tokyo-based SoftBank Corp., Sprint’s majority owner, said that he was now confident in Sprint’s plans and has no intention to sell his stake.
The stock is among a number of heavily-shorted telecommunications companies that were outperforming the market Monday, said Kevin Smithen, an analyst at Macquarie Securities USA Inc. They include CenturyLink Inc., up as much as 4 percent for the biggest gain in six months, and Frontier Communications Corp., which rose 3.5 percent.
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Overland Park-based Sprint earlier Monday announced the expansion of its “Direct 2 You” house call service to Houston, Atlanta, Philadelphia and Boston.
Through Friday, the stock had dropped 19 percent this year, after losing 61 percent in 2014.