Sprint Nextel shares fell as much as 17 percent on Tuesday as investors worried about the cost of selling the Apple Inc iPhone on top of its plans to upgrade its network and its debt obligations.
The decline followed a 10 percent dive in Sprint’s stock on Monday after a Wall Street Journal report that the money-losing company will have to pay Apple $20 billion over the next four years and will lose money on the iPhone until 2014.
On the day that Apple launches the fifth generation of its ubiquitous iPhone, the once mighty Nokia is still weeks away from mounting a fightback. On Tuesday, Nokia CEO Stephen Elop promised to unveil its first Windows-based smartphones this quarter but it remains to be seen whether the they will start shipping in time for Christmas.
A new plastic-based tablet designed by a California tech company for school students is going on trial in Russia thanks to funding from the Russian state-run tech giant Rusnano, reports Reuters correspondent Sonia Legg.