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Leap Wireless (LEAP -6.2%) slumps on a downgrade to Underperform from Jefferies, which notes...

Leap Wireless (LEAP -6.2%) slumps on a downgrade to Underperform from Jefferies, which notes business trends are weak and say it doesn't view the carrier's spectrum (which has made it the subject of non-stop M&A speculation) a "must-have" asset. Moreover, even if there is interest in Leap's spectrum, Jefferies doesn't activity picking up until 2H (i.e. a point where T-Mobile/MetroPCS and Sprint/SoftBank/Clearwire will have likely closed).
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