Leap Wireless (LEAP +9.8%), crushed on Tuesday thanks to a poor Q2 report, is rallying for the second day in a row. Today's culprit is a Bloomberg column speculating on M&A interest, given recent management comments suggesting a willingness to sell. The column notes a Pivotal Research analyst estimates Leap's spectrum and operations could be worth $16/share to a buyer. 45% of Leap's float was shorted as of July 13. MetroPCS (PCS +2.2%) has also been the subject of M&A rumors.