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After soaring yesterday on MetroPCS/T-Mobile reports, and rising more in premarket trading after...

After soaring yesterday on MetroPCS/T-Mobile reports, and rising more in premarket trading after the deal was announced, Leap Wireless (LEAP -15.4%) is more than giving back its gains, as investors conclude the deal's terms might not bode well for Leap. A downgrade to Neutral from JPMorgan also isn't helping: the firm doubts a suitor will arrive in the near-term, and calls Leap an "unattractive" target for Sprint (S +0.2%). MetroPCS (PCS -8.5%), meanwhile, has seen its losses steepen.
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