Some of Wells Fargo's notes on Sprint (S +7.1%) CEO Dan Hesse's remarks: 1) Sprint expects to take part in industry consolidation because it "views itself as sub-scale" (compared with AT&T/Verizon, no doubt). 2) Hesse thinks it doesn't make sense for Sprint to raise prices while it has an LTE coverage disadvantage. 3) The recent jump in Sprint's Nextel retention rate is unlikely to last. 4) Smartphone sales are expected to continue lifting ARPU. CLWR +13%. PCS +5.2%. LEAP +1.7%.