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.
April 18 (Reuters) – Verizon Wireless plans to put a chunk
of wireless spectrum up for sale in a move that is seen
improving its chances of gaining regulatory approval of its
controversial plan to purchase a block of spectrum from cable
The company’s offer to sell spectrum follows opposition from
several smaller rivals to its efforts to buy about $3.9 billion
worth of wireless airwaves from cable companies including
Comcast Corp and Time Warner Cable Inc.
April 9 (Reuters) – AT&T Inc said on Monday that it
would sell a 53 percent stake in its declining Yellow Pages
business to private equity firm Cerberus Capital Management LP
[CBS.UL} in a deal worth $950 million including debt, allowing
AT&T to focus on its core telephone business.
Once a cash cow for telephone companies, directories have
become much less relevant in recent years as consumers turn to
the Internet to find telephone numbers for businesses.