Macquarie's Kevin Smithen downgrades Sprint (S -3.5%) to Neutral after Dish decides to pass on...

|About: Sprint Corporation (S)|By:, SA News Editor

Macquarie's Kevin Smithen downgrades Sprint (S -3.5%) to Neutral after Dish decides to pass on making a new bid for the #3 U.S. mobile carrier before a Tuesday deadline. In addition to the lack of a counterbid, Smithen is worried about the unresolved battle over Clearwire, and the fact Sprint is about to enter a period of heavy spending and negative free cash flow.