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Leap Wireless International, Inc.

5/21/2013, 10:21 PM ET

Quote & Headlines Market Currents StockTalk

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| Earnings
| Dividends
| M&A
| On the move

Monday, May 20, 11:54 AM Leap Wireless (LEAP -2%) slumps after Deutsche cuts shares to Sell while reiterating its $4 PT. The firm is worried about tougher prepaid competition from T-Mobile (via MetroPCS) and AT&T (via its new Aio prepaid brand), and a relatively high valuation (7.4x 2014E EV/EBITDA vs. 4.7x-7x for peers) in spite of "inferior growth prospects." Barclays launched coverage with an Underweight last Friday. Comment! [Tech, On the Move, Quick Ideas]
Friday, May 17, 9:10 AM Leap Wireless (LEAP) -2.5% after Barclays starts coverage with an Underweight and $4 PT as part of a broader coverage launch of U.S. telecom service providers. Tower owners SBA (SBAC) and American Tower (AMT) have been started at Overweight, and so has Verizon (VZ). AT&T (T) and T-Mobile USA (TMUS) have been started at Equal Weight. Comment! [Tech, On the Move]
Thursday, May 16, 11:07 AM Deutsche Telekom (DTEGY.PK) can sell its 74% stake in T-Mobile USA (TMUS +2.5%) prior to the end of an 18-month lockup period if it receives a buyout offer for the entire stake, says CFO Timotheus Hoettges. The comments seem to be giving a lift to the #4 U.S. carrier. T-Mobile CFO Braxton Carter recently stated his company wanted to extend the footprint of the MetroPCS brand by ~100M POPs over the next 6 quarters. T-Mobile is counting on 4G support to give MetroPCS an edge over prepaid rivals such as Leap (LEAP) and AT&T's 3G-only Aio prepaid service. 1 Comment [Tech, M&A]
Tuesday, April 30, 4:07 PM Leap Wireless (LEAP): Q1 EPS of -$1.43 misses by $0.23. Revenue of $789.9M beats by $51.4M. (PR) Comment! [Earnings, Breaking News, Tech]
Tuesday, April 30, 12:10 AM Notable earnings after Tuesday’s close: ACAS, AFFX, AJG, AMRS, APU, ATLS, AUY, AVB, BCOV, BGC, BLMN, BXP, CAVM, CLD, CRAY, DDR, DENN, DGI, DWA, EEP, EIX, ELGX, ELLI, ENTR, EQR, EZPW, FEIC, FIRE, FISV, FLEX, FMC, FTNT, GDOT, GEVO, GNW, HCBK, HT, HTCH, IACI, INT, JIVE, JLL, JMBA, LEAP, MDU, MERU, MRGE, MSPD, MTW, MWA, MX, NANO, NCR, NUVA, OKE, OKS, PRAA, PRXL, QCOR, QEP, REXX, RGC, RPXC, SGI, SHOR, SIMG, SKT, SM, SONS, STR, SWI, TE, TRMB, TRN, UGI, ULTI, UNTD, UNXL, VNR, VRSK, VRTX, WNC, WRI, WU, XCO Comment! [Earnings]
Monday, April 29, 5:35 PM Notable earnings after Tuesday’s close: ACAS, AFFX, AJG, AMRS, APU, ATLS, AUY, AVB, BCOV, BGC, BLMN, BXP, CAVM, CLD, CRAY, DDR, DENN, DGI, DWA, EEP, EIX, ELGX, ELLI, ENTR, EQR, EZPW, FEIC, FIRE, FISV, FLEX, FMC, FTNT, GDOT, GEVO, GNW, HCBK, HT, HTCH, IACI, INT, JIVE, JLL, JMBA, LEAP, MDU, MERU, MRGE, MSPD, MTW, MWA, MX, NANO, NCR, NUVA, OKE, OKS, PRAA, PRXL, QCOR, QEP, REXX, RGC, RPXC, SGI, SHOR, SIMG, SKT, SM, SONS, STR, SWI, TE, TRMB, TRN, UGI, ULTI, UNTD, UNXL, VNR, VRSK, VRTX, WNC, WRI, WU, XCO 2 Comments [Earnings]
Monday, April 29, 9:55 AM Leap Wireless (LEAP -5.1%) tumbles after JPMorgan's Philip Cusick downgrades shares to Underweight 6 months after cutting shares to Neutral. "The company's mostly 3G-level products and network seem more and more commoditized as MVNOs get more aggressive," writes Cusick, who worries Leap a 4G transition will require heavy capex. He also expects T-Mobile USA to bring the MetroPCS (PCS -0.3%) brand to many Leap markets by year's end. Leap, long propped up by M&A hopes, delivers its Q1 report tomorrow afternoon. Also: Morgan Stanley has resumed coverage on MetroPCS with an Equal-Weight. Comment! [Tech, On the Move, Quick Ideas]
Monday, April 15, 11:03 AM MetroPCS (PCS -3.6%) and Leap Wireless (LEAP -2.5%) slump in the wake of Dish Network's $25.5B offer for Sprint. The offer, which comes shortly after Bloomberg reported Dish had proposed a tie-up with T-Mobile USA (DTEGY.PK), removes T-Mobile/MetroPCS as an M&A target (for now, at least), and lowers the odds of an offer for Leap. Should a Dish/Sprint merger happen, it would also potentially create a tougher rival for the low-end carriers, though Sprint/SoftBank would arguably do the same. Comment! [Tech, On the Move, M&A]
Thursday, April 11, 12:52 PM Paulson & Co. says it will support Deutsche Telekom's (DTEGY.PK) revised offer for MetroPCS (PCS -0.1%). Schoenfeld Asset Management, another opponent of the original deal, says it's reviewing the deal terms. Nonetheless, with Paulson's votes added to the existing support of Madison Dearborn (another major MetroPCS investor), the deal's odds are looking good. MetroPCS shares are near breakeven, after trading higher AH yesterday on news of DT's new bid. LEAP -1.6%. Comment! [Tech, M&A]
Wednesday, April 10, 3:56 PM Leap Wireless (LEAP +3.1%) is closing with a solid gain after the WSJ reported Deutsche Telekom is preparing a higher bid for prepaid rival MetroPCS. Leap, which had 45.4% of its float shorted as of March 15 (that's actually down from late-2012 levels), has often risen and fallen on M&A speculation. Comment! [Tech, On the Move, M&A]
Tuesday, March 26, 4:50 PM Leap Wireless (LEAP) announces a $250M tender offer for 4.5% convertible senior notes due 2014. The struggling prepaid carrier had $3.5B in debt on its balance sheet at the end of 2012, to go with $675M in cash/investments. (PR) Comment! [Tech]
Wednesday, March 6, 11:57 AM With the White House having given its support to legalizing the unlocking of cell phones, Sen. Ron Wyden has introduced a bill that would do just that. Passage of the bill could lead to a bump in churn for U.S. carriers, as consumers are no longer required to buy a new phone (and, should they want a subsidy, agree to a contract) to switch carriers. However, some phones only work on a particular carrier's network due to band compatibility issues, and carriers could start requesting more such devices in an effort to keep customers from leaving. 14 Comments [Tech]
Tuesday, March 5, 3:27 AM White House adviser David Edelman said the Obama Administration supports changing the law so that consumers can unlock their cell phones and tablet computers so they can work on another operator's network. Mobile users had been allowed to unlock their devices without their carrier's permission until a recent change in the regulation by the Library of Congress' Copyright Office. 6 Comments [Tech, Consumer]
Wednesday, February 27, 7:08 PM Leap Wireless (LEAP -2.3%) might end up with a lot of spare iPhones in its warehouses. The prepaid carrier disclosed in its 2012 10-K it's on pace to buy only half the iPhones it has agreed to purchase from Apple as part of its commitment. BTIG's Walter Piecyk thinks Leap, which sells the 16GB iPhone 5 for $500 without contract, could be on the hook for $100M worth of extra iPhone purchases in 2013, and $450 over the course of its 3-year deal. (Muve spinoff) 1 Comment [Tech]
Wednesday, February 27, 1:40 PM Leap Wireless (LEAP -1.6%) is spinning off its Muve Music service into a separate company; no details for now on whether Muve will be publicly traded, or whether Leap will maintain ownership. Muve, which provides access to a song library for $10/month, had 1.1M subs at the end of 2012, up from 600K a year earlier. But that still leaves it with a much smaller base than Spotify, and more competition could soon be on the way. Comment! [Tech]
Thursday, February 21, 1:00 PM Sprint (S -0.4%) is on the lookout for additional deals that can increase its spectrum position, says CEO Dan Hesse. The comments come even as rivals argue Sprint will have an oversized spectrum position if/when the Clearwire (CLWR +1%) acquisition goes through. Leap Wireless (LEAP -3.2%), always discussed whenever spectrum-related M&A deals are brought up, is adding to yesterday's post-earnings losses. 3 Comments [Tech, M&A]

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