Sprint Nextel Falls 9.8% : AT&T Deal

Sprint Nextel Corp. (S) slumped as much as 9.8 percent in early trading after AT&T Inc. (T)agreed to buy T- Mobile USA from Deutsche Telekom AG (DTE) for about $39 billion, trumping its effort to acquire the business.

Sprint Nextel declined as much as 50 cents to $4.55 at 7:14 a.m. in trading before the open the New York Stock Exchange, after closing down 1 cent to $5.05 on March 18.

With the T-Mobile USA purchase announced yesterday, AT&T would become the largest U.S. mobile-phone company.

Source: http://www.bloomberg.com/news/2011-03-21/sprint-plunges-after-at-t-s-t-mobile-deal-is-seen-leaving-it-weaker-no-3.html