Baird is downgrading Leap Wireless (LEAP -20.8%) following a poor Q2 report featuring ugly subscriber data, and Canaccord is calling the carrier "dead money at best" for 2H. The fact MetroPCS (PCS -0.9%) is only slightly scathed by the news suggests the Street views Leap's problems as largely company-specific. SA's Helix Investment thinks earnings call comments indicate Leap might put itself on sale, with the hope a larger carrier will pay top dollar for its lucrative spectrum.