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LEAP swan dives

|Includes: AT&T Inc. (T)

Leap Wireless International (click here) was down about 15% on Wednesday on massive volume. LEAP is down over 30% since our initial SHORT entry.

LEAP Swan Dives

Reuters reports:

NEW YORK/BANGALORE, Aug 3 (Reuters) - Low-cost wireless carrier Leap Wireless (LEAP.O) posted a wider-than-expected quarterly loss as customers quit its service, prompting a sell-off in the shares despite new plans to try and improve sales

Leap -- which plans to rename itself "Cricket" after its brand this year -- lost a net 112,000 customers in the second quarter, surprising analysts who expected a gain.

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Disclosure: Short LEAP

Disclosure: Short LEAP