BOSTON/NEW YORK, May 2 (Reuters) – Billionaire investor
Philip Falcone may be wishing upon a star – the Republican super
strategist kind, that is – to keep his ailing telecom start-up
LightSquared Inc alive.
With only days to go before hitting a new deadline set by
LightSquared’s debtors and lacking regulatory authority to move
forward with his business plans, Falcone is leaning on Karl
Rove, one of the Republican party’s most successful political
NEW YORK (Reuters) – LightSquared creditors are pushing for Philip Falcone’s Harbinger Capital Partners to reduce its ownership stake in the money-losing telecommunications start-up as they extend talks to avoid declaring a loan default that would result in bankruptcy.
Falcone has told creditors he could reduce his own role in LightSquared if they hold off on declaring a loan default. On Sunday, Falcone and LightSquared creditors agreed to delay a default notice on a $1.6 billion loan for at least a week as they continue their talks.
NEW YORK, April 29 (Reuters) – Hedge fund manager Philip
Falcone’s LightSquared is avoiding a default for now on about
$1.6 billion of debt after creditors of the upstart wireless
telecom company agreed to extend negotiations for a week, source
familiar with the matter said.
The holders of LightSquared’s debt, who include billionaire
investor Carl Icahn and hedge fund manager David Tepper, had
given Falcone’s Harbinger Capital until 10 a.m. Monday to strike
a deal for restructuring Harbinger’s 96 percent equity control
of LightSquared, the source said.
April 26 (Reuters) – Clearwire Corp’s first-quarter
revenue beat Wall Street expectations due to strength in its
retail business, and its loss narrowed as it cut costs, sending
its shares up 6 percent.
The company, majority owned by Sprint Nextel, also cut
its capital spending budget for the year even as it kept its
network upgrade deadline for end of June 2013.
By Sinead Carew
(Reuters) – Sprint Nextel’s (S.N: Quote, Profile, Research, Stock Buzz) stronger than expected wireless operating income helped it post a quarterly net loss that was narrower than Wall Street estimates.
But investors shrugged off the surprise, which one analyst attributed partly to slower than expected spending related to a network upgrade project.
NEW YORK (Reuters) – AT&T Inc (T.N: Quote, Profile, Research) reported a higher-than-expected quarterly profit on Tuesday, sending its stock up as much as 4 percent, as a decline in iPhone sales reduced the amount of cash it had to pay Apple Inc (AAPL.O: Quote, Profile, Research) and boosted its margins.
Apple shares fell almost 2 percent after AT&T also said its numbers should improve further in coming quarters when it expects recent upgrade policy changes to temper smartphone sales further.
By Sinead Carew
(Reuters) – AT&T Inc reported a higher-than-expected quarterly profit as iPhone sales declined, reducing the amount of cash it had to pay Apple Inc and boosting its margins.
Shares of AT&T rose 1.5 percent after the news. The company and its rivals were weighed down by iPhone costs in fourth quarter, when the latest version of the popular phone hit stores. While fewer iPhone sales meant weaker subscriber growth for AT&T, it did help the company’s wireless service profit margin.
(Reuters) – Texas Instruments Inc (TXN.O: Quote, Profile, Research, Stock Buzz) forecast second-quarter revenue growth ahead of Wall Street estimates, signaling the end of a prolonged inventory-related decline in demand, sending its shares up 4 percent in late trading.
The maker of chips used in everything from communications equipment to cars said it expects revenue growth for the rest of the year due to a broad-based improvement in demand after several quarters when its clients cut inventories.
NEW YORK, April 18 (Reuters) – Verizon Communications Inc
posted first-quarter earnings and revenue that beat Wall
Street expectations as customers increased their spending on
services such as wireless data, sending its shares up more than
While wireless customer growth slowed, Chief Financial
Officer Fran Shammo said the company’s mobile venture, Verizon
Wireless, saw the fastest growth in mobile service revenue in
three years as more customers used smartphones.
NEW YORK (Reuters) – Qualcomm Inc (QCOM.O: Quote, Profile, Research, Stock Buzz) warned on Wednesday that it would have trouble meeting demand for some of its advanced cellphone chips for the rest of the year due to manufacturing constraints.
While the leading mobile phone chip maker maintained its previous revenue outlook for its fiscal year 2012, its shares fell 3 percent as investors had hoped it would be able to raise its targets.