Stocks - Sprint, T-Mobile Surge in Premarket After Court OKs Merger

  • Stock Market News
Stocks - Sprint, T-Mobile Surge in Premarket After Court OKs Merger
Credit: © Reuters.

By Geoffrey Smith -- Stocks in focus in premarket trading on Tuesday, 11th February. Please refresh for updates.

  • 8:58 AM ET: Real estate group Jones Lang LaSalle (NYSE: JLL ) rose 4.4% after reporting earnings and revenue well ahead of consensus in the three months through December.
  • Underlying earnings per share came in at $6.35, compared to consensus forecasts of $5.82, after the successful integration of HFF. The company gave no precise guidance for 2020 but said it has “optimism and confidence in our ability to continue to take market share and capitalize on long-term growth opportunities."
  • 8:50 AM ET: Slack Technologies (NYSE: WORK ) stock was volatile after the company had to downplay a report from Business Insider on Monday that claimed it had struck a major deal with IBM (NYSE: IBM ). The messaging technology company said in an SEC filing that “IBM has been Slack’s largest customer for several years and has expanded its usage of Slack over that time.”
    • 8:45 ET: Sprint (NYSE: S ) stock leaped 73% after a New York district judge threw out a suit from several state attorneys-general trying to block its merger with T-Mobile.

    • T-Mobile US (NASDAQ: TMUS ) stock jumped around 8%, as the ruling clears a way to unite the country’s number 3 and 4 wireless carriers, a merger that should help them to win more customers of AT&T (NYSE: T ) and Verizon (NYSE: VZ ) and defend themselves against new entrants.

    • Under Armour (NYSE: UA ) stock fell 13.2% to its lowest in over two months after the sports gear company warned it faces restructuring charges of up to $425 million in the current fiscal year. Around $200 million of those could be down to the suspension of its plans for a flagship store in New York.

  • Under Armour also said it expects a hit to sales of up to $60 million in the current quarter due to the coronavirus outbreak, and it now expects full-year revenue to be down by “a low single-digit percent”.
    • Hasbro (NASDAQ: HAS ) stock rose 6.5% after the company reported a better-than-expected holiday quarter, bolstered by sales of ‘Frozen II’ and “Star Wars” merchandise.

  • Underlying earnings were over 30% ahead of forecasts at $1.24 a share.
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