Sprint (S -2.5%) opens lower thanks to a downgrade to Underperform from Baird, which is worried about competition. Meanwhile, MetroPCS (PCS -6.5%) which tumbled yesterday after the terms of the T-Mobile merger failed to go over well, is falling more following a downgrade to Reduce from Nomura, which doesn't see T-Mobile fixing the carrier's problems. Mobile analyst Henry Wang agrees. "Being No. 4 in this very competitive market is no fun ... AT&T and Verizon can better procure the handsets that people want, and keep costs down as well."