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Thursday, Nov 2111:39 AM
Thursday, Sep 2612:58 PMYahoo rallies as U.S. Alibaba IPO filing reportedly draws closer
Thursday, Sep 2612:58 PM| 2 Comments
- With Alibaba apparently set to list in the U.S. following a breakdown in talks with Hong Kong regulators, 24% owner Yahoo (YHOO +4.6%) is adding to its 2013 gains, and in doing so hitting levels last seen in '07.
- Reuters reports Alibaba "has engaged U.S. law firms to start working on its IPO and will soon be hiring banks to manage the listing."
- Alibaba's very strong Q1 numbers, together with the huge rallies seen this year in high-growth Chinese and U.S. Internet names, has fueled hopes of a post-IPO valuation soundly above $100B.
- 36.7% Alibaba owner SoftBank (SFTBF.PK) rose 4% overnight in Tokyo.
- Previous: ABR assigns Alibaba a $100B post-IPO valuation
Wednesday, Sep 2511:40 AMT-Mobile CFO: Merger with Sprint makes sense
Wednesday, Sep 2511:40 AM| Comment!
- During a Goldman conference talk, T-Mobile USA (TMUS +2.3%) CFO Braxton Carter called a merger between his company and Sprint (S -2.3%) the "logical ultimate combination." But he also admitted the current M&A regulatory environment is "tough."
- T-Mobile and Sprint have been bleeding share in recent years to bigger rivals Verizon and AT&T. However, T-Mobile has begun to reverse its fortunes with the help of an iPhone deal, contract-free plans, and its Jump smartphone upgrade program. Sprint is betting aggressive pricing and a rapid 4G buildout will help it do the same.
- Regulators may not be the only reason a T-Mobile/Sprint deal would be challenging in the near-term. T-Mobile is in the midst of digesting MetroPCS, and Sprint is fresh off acquiring Clearwire and merging with SoftBank (SFTBF.PK).
- Separately, SoftBank has extended Sprint CEO Dan Hesse's contract through July 2018.
Monday, Sep 1611:08 AMApple slides following China Unicom reservation data
Monday, Sep 1611:08 AM| 45 Comments
- China Unicom (CHU +0.6%) says its iPhone 5S/5C (AAPL -2.6%) reservations have topped 100K since it began taking them last week. Last year, Unicom took 200K+ iPhone 5 reservations in the phone's first two days of availability.
- Meanwhile, China Telecom (CHA +2.5%) has cut its iPhone subsidies. A subscriber signing up for an RMB289/month ($47/month) plan will get an iPhone 5S subsidy of RMB2890, 15% less than the RMB3400 subsidy it provided for the iPhone 5. It's worth noting CHA's ARPU is below $10.
- The Chinese figures come amidst sharp criticism of the 5C's unsubsidized pricing, which starts at $735 in China. For reference, upstart Xiaomi's new Mi3 flagship Android phone (5" 1080p display, 13MP camera) starts at $327 in the Middle Kingdom.
- On the other hand, Japanese carriers are aggressively subsidizing the 5S in the wake of NTT DoCoMo's (DCM +0.7%) iPhone deal. DoCoMo, SoftBank (SFTBF.PK), and KDDI are each providing the 5S for free with 2-year contracts for certain plans.
- Kantar Japan recently estimated 2/3 of DoCoMo subs who have been leaving the carrier ended up buying an iPhone.
- Also: Bernstein thinks Apple could still come out with a cheaper iPhone in the form of a sub-$400 iPhone 4C that puts the iPhone 4's components inside a 5C body.
Friday, Jun 1411:21 AMT-Mobile USA (TMUS +3.3%) is "Plan B" for SoftBank (SFTBF.PK) if its merger with Sprint (S +0.3%) doesn't go through, says CEO Masayoshi Son. But Son adds he "[plans] to go with Plan A if possible." Reuters reported last week SoftBank is talking with Deutsche Telekom (DTEGY.PK) about buying its 74% stake in T-Mobile USA if the Sprint merger fails thanks to a rival bid from Dish (DISH). For now, Sprint's board (unlike Clearwire's) is spurning Dish. As always, Son isn't lacking for confidence. "I am determined to be No. 1 in the world very soon in my industry ... You are lucky not to be my competitor." |Friday, Jun 1411:21 AM| 3 Comments
Wednesday, Jun 123:50 PMClearwire's (CLWR +0.5%) board plans to endorse Dish's (DISH -3.9%) $4.40/share tender offer and postpone a Thursday shareholder vote on majority owner Sprint's (S -0.1%) $3.40/share buyout offer, the WSJ reports. The reports comes two days after Sprint gave its support to SoftBank's (SFTBF.PK) revised offer for the company, and set a June 18 deadline for Dish to make its final offer. Sprint and Dish have been arguing over the legality (I, II) of Dish's bid for Clearwire. (previous) |Wednesday, Jun 123:50 PM| 1 Comment
Friday, Jun 73:54 PMWhile Sprint (S -1.3%) slumps on a report SoftBank (SFTBF.PK) is talking with Deutsche Telekom (DTEGY.PK) about buying its 74% stake in T-Mobile USA (TMUS +4.1%) should the Sprint deal falter, Dish (DISH +1.5%) has spiked higher, as investors take the report as a sign SoftBank would rather abandon its Sprint efforts than significantly raise its bid. Sources tell Reuters SoftBank and DT have been talking since last year, but that talks "intensified" following Dish's $25.5B offer for Sprint. Clearwire (CLWR +3.3%) has also moved higher, and is now $0.02 above Dish's $4.40/share offer price. (previous) |Friday, Jun 73:54 PM| 9 Comments
Friday, Jun 73:43 PM
Tuesday, Jun 43:54 PMSprint's (S +1%) board is thinking of delaying the company's June 12 shareholder vote on the SoftBank (SFTBF.PK) deal to give Dish (DISH +0.3%) more time to strengthen its rival offer, Bloomberg reports. Though Sprint has appeared cool to Dish's overtures, a Dish spokesman states his company is still negotiating with Sprint. One source claims Dish, which recently raised $2.6B in debt, has lined up $9.3B in financing for its Sprint bid. Clearwire (CLWR -2.6%) has sold off to $4.31 today, below Dish's $4.40/share offer price, as investors weigh Sprint's legal assertions. (previous) |Tuesday, Jun 43:54 PM| Comment!
Thursday, May 302:20 PMClearwire (CLWR +26%) is now within $0.02 of Dish's (DISH +0.5%) $4.40/share offer price; upgrades from DA Davidson and Raymond James could be helping. Macquarie asserts the move "forces SoftBank (SFTBF.PK) to negotiate with Dish," and raises the odds SoftBank walks away from Sprint (S +0.3%). The firm thinks Sprint will now have to offer $4.50+/share for Clearwire. Likewise, JPMorgan argues Dish is "attempting to de-value the Softbank bid by injecting itself into Clearwire as a permanent ... minority shareholder." Wells Fargo: "We can't see how Charlie doesn't win here--he is either going to get the partnership we believe he always wanted ... or he is going to walk away with a significant amount of spectrum." |Thursday, May 302:20 PM| 10 Comments
Wednesday, May 2911:56 PM
Friday, Apr 1910:55 AMSoftBank (SFTBF.PK) doesn't plan to up its bid for Sprint (S) to top Dish's (DISH +2.1%), a company exec states. Is the Japanese carrier set on keeping its current offer, or is this a hardball negotiating tactic? Either way, SoftBank seems to be betting the advantages of its bid - a lower debt load, the ability to leverage SoftBank's resources to take on AT&T/Verizon - will lead Sprint to stay loyal in spite of shareholder pressure and the superior up-front value of Dish's offer. |Friday, Apr 1910:55 AM| 2 Comments
Tuesday, Apr 169:41 AMSoftBank (SFTBF.PK) responds to Dish's (DISH +1.8%) bid for Sprint (S +1.1%) by insisting its offer is superior, and stating it expects the deal to close by July 1. Nonetheless, some major Sprint shareholders, such as Westchester Capital (14M shares), are declaring Dish's offer better. SoftBank fell 6.8% in Tokyo as investors fret about a higher bid, and Sprint is adding a bit to yesterday's gains with the help of a JPMorgan upgrade to Overweight: the firm argues the Dish/SoftBank offers "likely put a floor under shares in the $7 range," and considers a bidding war possible. CLWR +1.9%. (more) |Tuesday, Apr 169:41 AM| Comment!
Monday, Apr 1510:22 AMVerizon Wireless (VZ, VOD) was the company that offered $1B-$1.5B for some of Clearwire's (CLWR -2.8%) spectrum, the WSJ reports. Meanwhile, Dish (DISH -6.4%) says it hasn't formally withdrawn its $3.30/share offer for Clearwire, but would honor Sprint's (S +14.9%) $2.97/share offer. Naturally, Dish touts the potential of a Sprint merger to enable triple/quad-play bundles - a recent Consumer Reports survey drove highlighted their popularity. CEO Charlie Ergen also talks up the implications of soaring mobile data usage, and compares Dish's strategy to a Seinfeld episode where everything comes together in the last 2 minutes. |Monday, Apr 1510:22 AM| 2 Comments
Monday, Apr 159:24 AMSprint (S) +15.6%, Clearwire (CLWR) -2.8%, Dish Network (DISH) -1.7%, and DirecTV (DTV) -1.1%, as the Street mulls the implications of Dish's $25.5B offer for Sprint (S). Dish, which has been looking for a partner for its 4G spectrum, claims a merger will result in $13B in cost/capex synergies, and yield a company with 20% EBITDA growth. Dish would fund the $17.3B cash portion of the deal using $8.2B in existing cash + debt, and foresees debt ratings of B1/B+. Sprint shareholders would own 32% of the company. No one ever accused Charlie Ergen of thinking small. (offer letter) (Dish fact sheet) (Clearwire spectrum offer) (Dish/Clearwire) |Monday, Apr 159:24 AM| 3 Comments
Wednesday, Feb 279:25 AMClearwire (CLWR) -2.5% after confirming it's tapping $80M in financing provided by Sprint (S); it consists of debt that could be exchanged into Clearwire stock at $1.50/share in the future. The 4G network owner says it hasn't decided whether to take additional financing from Sprint, and intends to continue talking with Dish (DISH) about a deal. Also, Clearwire is no longer obligated to go through with an accelerated 4G LTE buildout should it take the last 3 financing draws available to it (available from August-October). (WSJ report) |Wednesday, Feb 279:25 AM| 1 Comment