FON from Briefing.com:
Dec 19 2001
8:19 AM In Play Sonus Networks (SONS) 5.64: UBS Warburg analyst Nikos Theodosopolous out with a cautious note on SONS; says that short-term visibility is challenging due to problems at GX and XOXO, two top customers from last qtr; also does not believe that SONS will win the next big softswitch contract, which is the Sprint (FON) long distance tandem RFP.
Dec 7 2001
9:26 AM In Play CIBC on Comm IC Co's : CIBC downgrades AMCC, IDTI, PMCS to HOLD from Buy, due to deteriorating fundamentals and rich valuations. FON's cut in 02 capex and weakness in Europe and Japan may signal that future service provider capex will remain low. Firm expects PMCS and AMCC to enter Q1 with lower backlog coverage and higher dependence on turns, increasing the risk that they may disappoint sometime in 1H02. Recent runup in shares increases downside risk both from profit-taking and increasing likelihood of downward earnings revisions.
Dec 4 2001
1:28 PM In Play Sprint FON (FON) 21.10 -0.60 (-2.8%): -- Update -- Additional guidance from management; company sees 2002 capex at $3.5 bln; expects fiscal 2002 operating earnings in the range of $1.40-$1.50 per share versus the current consensus estimate of $1.43 per share.
Dec 4 2001
1:23 PM In Play Sprint FON (FON) 21.20 -0.50 (-2.3%) : -- Update -- Management updates guidance for Q4; expects Q4 revenue in the range of $4.1-$4.2 bln versus the consensus estimate of $4.2 bln; sees Q4 earnings in the range of $0.31-$0.33 per share versus the consensus estimate of $0.35 per share; shares edging lower on the revised guidance.
Dec 4 2001
8:12 AM In Play Sprint FON (FON) 21.70: -- Update -- Given the significant reduction in core capital expenditures in 2002 and substantially reduced cash requirements for ION, the FON Group is currently expected to be free cash flow breakeven in 2002. Full year 2001 EBITDA is expected to be around $1.6 bln, consistent with firm's forecast at the outset of the year. In 2002, the PCS Group's cash requirements are expected to be $1.8 bln. Sprint plans to meet this funding requirement through the issuance of additional debt and the monetization of assets.
Dec 4 2001
7:39 AM In Play Metromedia Fiber (MFNX) 0.55: Sprint (FON) announces that it has signed a multiyear contract with MFNX to lease metropolitan area fiber in major U.S. markets. Sprint plans to use MFN's fiber-optic infrastructure to lower its own local access costs, speed access delivery to customers and expand the array of services that it can offer to its customers in these markets.
Dec 3 2001
10:23 AM In Play CIENA Corp (CIEN) 17.25 -0.50 (-2.8%): Goldman Sachs out with cautious comments on CIEN; firm says stock could be soft near-term as Sprint (FON) and Qwest (Q) guidance on capex will likely be negative; believes CIEN will likely have to lower its official guidance; nonetheless, firm likes longer-term outlook for the shares and sees $15 as an attractive entry point.
Nov 27 2001
7:18 AM In Play Sprint FON (FON) 21.90: Signs multi-year, multi-million dollar agreement to become the exclusive provider for AOL-branded Long Distance on the AOL service.
Nov 5 2001
8:50 AM In Play Nortel Networks (NT) 5.88: Sprint FON (FON) plans to convert its existing digital circuit switched network to a packet switched network beginning in January 2003. Nortel will provide products and services for Phase I of the packet switched network conversion.
Oct 17 2001
9:19 AM In Play Sprint FON (FON) 23.00: Company moved up its earnings report to tonight from tomorrow.
Oct 11 2001
6:51 AM In Play BellSouth (BLS) 41.06: WSJ reports that merger talks with AT&T (T) have cooled based on BLS' reluctance to take on AT&T's cable biz. Article indicates that BLS remains interested in the phone biz or potentially merging with another long-distance carrier, and that BLS has held preliminary discussions with Sprint (FON) but no detailed talks are under way.
Oct 9 2001
9:16 AM In Play Sprint PCS (PCS) 28.26: -- Correction -- Earlier comment regarding JP Morgan's addition of Sprint to its Focus List initially referenced Sprint (FON); the correct company/ticker was Sprint PCS (PCS).
Sep 24 2001
8:53 AM In Play CIBC Upgrades Long Distance Carriers : Firm sees supply diminishing, strong demand, pricing stabilizing and reasonable valuations; upgrades the following issues: WCOM to Strong Buy from Buy with $18 price target, FON to Buy from Hold with $28 price target, T to Strong Buy from Buy with $28 price target, Q to Strong Buy from Buy with $25 price target.
Aug 31 2001
7:20 AM In Play Sprint FON (FON) 22.82: Another suitor is likely to emerge for FON following its sharp decline in share price, reports Business Week. One money manager, John Maloney (M&R Capital), thinks Verizon Communications (VZ) is a likely bidder. Maloney puts the intrinsic worth of Sprint's combined assets at $42 a share.
Aug 2 2001
12:01 PM In Play EarthLink Ntwrk (ELNK) 15.21 -1.14 (-7%): Coming under pressure intraday on SEC filing related to sell of stock by Sprint (FON) and Apple (AAPL). The prospectus relates to 25 mln shares of ELNK common stock offered by Sprint and 7.08 mln offered by Apple... ELNK will not receive any proceeds from the sales of the 32.08 mln shares.
Jul 27 2001
7:50 AM In Play Sprint FON (FON) 22.19: Company expects to launch early next week concurrent offerings of shares of its PCS common stock, series 1 and equity units commonly compared to mandatory convertible securities.
Jul 17 2001
8:14 AM In Play Hybrid Networks (HYBR) 0.95: Announces that Sprint (FON) has placed an order for approximately $9.3 mln in routers and base station equipment from Hybrid.
Jul 10 2001
8:57 AM In Play CIENA Corp (CIEN) 32.24 +1.25: -- Update -- Merrill Lynch met with Ciena at the NFOEC trade show yesterday; commented that visibility looks good for remainder of the fiscal year but 2002 remains uncertain; Merrill did not get convincing answers as to how CIEN can buck the trend of weak long haul spending in 2002; noted that points of vulnerability included FON, Q, and LVLT with potential wins at T, VZ; says negative news remains more likely than positive.
Jun 18 2001
7:10 AM In Play Polycom (PLCM) 21.86: Sprint (FON) unveils new full-service videoconferencing solution that integrates Sprint's conferencing services with video-over-IP (Internet Protocol) products from Polycom and Ridgeway.
Jun 13 2001
8:50 AM In Play Sprint FON (FON) 20.84: Salomon Smith Barney cuts FY02 EPS estimate to $0.95 from its already below-consensus $1.20 (First Call consensus: $1.28); says that industry trends will negatively impact Sprint, and that it is a fallacy to believe that shutting down the ION (Integrated On-demand Network) 'money pit' could somehow drive a huge earnings reversal; says there is little chance of a high-premium takeover and reiterates NEUTRAL.
Jun 6 2001
8:47 AM In Play CIENA Corp (CIEN) 59.57: Goldman Sachs made positive comments on CIEN out of Supercomm; sees continued strong long haul visibility. Goldman's checks indicate that Sprint (FON) plans to upgrade its OC-48 backbone to OC-192, which should benefit CIEN, which is Sprint's primary DWDM supplier.
Jun 6 2001
8:13 AM In Play Extensity (EXTN) 8.64: Enters marketing and technology integration agreement with Sprint (FON) enabling business customers to wirelessly manage expenses, travel, tracking project time and e-procurement with Extensity Connect Mobile Edition via the Sprint PCS network.
Jun 5 2001
3:21 PM In Play CIENA Corp (CIEN) 60.21 +5.48 (+10%): -- Update -- Hearing from sources that Goldman Sachs issuing positive comments from SuperComm conference; says while there were not many announcements, firm did receive positive data points: 1) through checks at Supercomm thinks that FON's OC192 network will be upgraded which alleviates some risk around the CIEN story, 2) core director product continues to do well, 3) CIEN remains bullish regarding their key customers (Q and FON) and believes they are continuing to build.
Jun 1 2001
12:34 PM In Play AT&T (T) 21.50 +0.33: Company announces that it raising basic residential calling rates; any indication that the long distance price wars are ending should be positive for T as well as WCOM and FON.
May 31 2001
7:17 AM In Play Sprint FON (FON) 19.31: France Telecom (FTE) prices its planned offering of approx. 76 mln Sprint shares at $19 per share. FTE is selling part of its 9.9% stake in the long-distance telecom company as part of an effort to pay down debt.
May 17 2001
8:22 AM In Play Sprint FON (FON) 21.42: Hearing from sources at Morgan Stanley that the firm expects $200 mln of Sprint's $300 mln cut in capex to come from its web hosting build-out as Sprint indicates that the prospects for this business are unclear.
May 16 2001
3:46 PM In Play Rumor Mill : Qwest Communications (Q) is ready to do a deal. At least that is the rumor making its way around trading floors today. This morning, talk was that Sprint FON (FON) would be acquired by Q; now the speculation is that Global Crossing (GX) is the most likely candidate. Commenting on rumors, one analyst covering the space believes that a Worldcom (WCOM) acquisition by SBC Communications (SBC) is more likely than either of these rumored deals.
May 16 2001
8:24 AM In Play Capex Cuts : This morning's Cisco rumors and the general pressure being seen in the telecom equipment sector are no doubt tied to the continued bad news on the capex front: both Sprint (FON) and 360Networks (TSIX) announced capex reductions last night, continuing a stream of such announcements over the past month.
May 16 2001
6:37 AM In Play Sprint FON (FON) 21.58: Lowers Q2 outlook to $0.28-0.30, compared to the current First Call mean est. of $0.32; shortfall blamed on lower-than-expected profit contributions from the Global Markets segment.
Apr 18 2001
9:11 AM In Play JP Morgan on Telcos : JP Morgan lowers estimates on FON, SBC, Q, and WCOM as a reflection that the economy will not recover in the second half of the year, impacting voice and data revenues, and that back-end loaded numbers are just not realistic. Lowers EPS estimates 4% below consensus for SBC, 3% below consensus for Qwest, and 4% below consensus for WorldCom. Cuts FON estimate to 6% below the mid-point of new company guidance. AT&T (T) estimate remains 35% below consensus.
Apr 17 2001
9:52 AM In Play Sprint FON (FON) 22.35 -1.06 (-4.5%): -- Update -- On conference call, company said to be guiding Q2 outlook to $0.30 vs $0.38 consensus estimate.
Apr 17 2001
7:53 AM In Play Sprint FON (FON) 23.41: Posts Q1 earnings from continuing operations of $0.35 a share (excluding gain), 2 cents below the First Call mean, vs yr-ago EPS of $0.50.
Apr 5 2001
3:54 PM In Play Sprint FON (FON) 21.3 +0.32 (+1.53%): In response to recent concerns regarding growth in the wireless industry (clearly referring toVerizon Wireless report this morning), company announces that it is continuing to see strong demand for wireless services; says customer additions in Q1 were substantially ahead of analysts' expectations.
Mar 15 2001
8:37 AM In Play Sprint FON (FON) 20.56: Washington Post reports that BellSouth Corp (BLS) is pursuing the purchase of long-distance telecom company. The paper also reported that SBC Communications (SBC) has held discussions about buying WorldCom (WCOM), although no talks have occurred in recent weeks.
Feb 21 2001
8:27 AM In Play Sprint FON (FON) 22.60: After the close, company announced its former European partners Deutsche Telekom (DT) and France Telecom (FTE) will begin selling their $4 bln stake in FON; this anticipated sale of FON shares is slated for later in Q1 with DT offering 76.16 mln shares and FTE offering 75.87 mln shares.
Feb 9 2001
10:51 AM In Play EarthLink Ntwrk (ELNK) 10 +1 3/32: -- Update -- The modified terms of the ELNK/Sprint (FON) relationship are fuelling speculation that Microsoft (MSFT) will make a bid for ELNK; this speculation first appeared last week when MSFT canceled its MSN rebate program.
Feb 9 2001
7:37 AM In Play EarthLink Ntwrk (ELNK) 8 29/32: Announces amended terms of alliance with Sprint (FON). Among the modifications are the removal of the requirement that the companies co-brand their Internet offerings with both the EarthLink and Sprint brands. ELNK will take an $11.3 mln charge in Q1 to write off intangible assets related to the original marketing agreement.
Feb 1 2001
8:01 AM In Play Sprint FON (FON) 24.80: Reports Q4 EPS from continuing operations of $0.41, 2 cents above the First Call mean, vs yr-ago earnings of $0.47. Net operating revenues slipped 1.6% to $2.57 bln.
Jan 31 2001
3:52 PM In Play Earnings : After the close today, the following companies are expected to release earnings: CLS, ONNN, STOR, TMCS, TUTS. Tomorrow before the open: BOUT, CL, FMO, MGG, FON, PCS, USAI, VZ are among those expected to post results. See our Earnings Calendar for more information.
Jan 24 2001
5:59 AM In Play Sprint FON (FON) 25 3/16: France Telecom (FTE : 86 7/8) and Deutsche Telekom (DT : 35 1/4), two of Sprint Corp's biggest shareholders, are considering selling their stakes in the company, the WSJI reports.
Jan 22 2001
3:20 PM In Play Hybrid Networks (HYBR) 5 23/32 +21/32 (+13%): Stock surged 20% to the $6 level in reaction to press release announcing that Sprint (FON) has selected Hybrid's two-way system for the deployment of Sprint Broadband Direct in Oklahoma City. This was actually the second time today that this news has been released -- the first time at 8:30 this morning. |
