Stocks – Sprint, T-Mobile Surge in Premarket After Court OKs Merger

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By Geoffrey Smith — Stocks in focus in premarket trading on Tuesday, 11th February. Please refresh for updates.

  • 8:50 AM ET: Slack Technologies (NYSE:) stock was volatile after the company had to downplay a report from Business Insider on Monday that claimed it had struck a major deal with IBM (NYSE:). The messaging technology company said in an SEC filing that “IBM has been Slack’s largest customer for several years and has expanded its usage of Slack over that time.”
    • 8:45 ET: Sprint (NYSE:) stock leaped 73% after a New York district judge threw out a suit from several state attorneys-general trying to block its merger with T-Mobile.
    • T-Mobile US (NASDAQ:) stock jumped around 8%, as the ruling clears a way to unite the country’s number 3 and 4 wireless carriers, a merger that should help them to win more customers of AT&T (NYSE:) and Verizon (NYSE:) and defend themselves against new entrants.
    • Under Armour (NYSE:) stock fell 13.2% to its lowest in over two months after the sports gear company warned it faces restructuring charges of up to $425 million in the current fiscal year. Around $200 million of those could be down to the suspension of its plans for a flagship store in New York.
  • Under Armour also said it expects a hit to sales of up to $60 million in the current quarter due to the coronavirus outbreak, and it now expects full-year revenue to be down by “a low single-digit percent”.
    • Hasbro (NASDAQ:) stock rose 6.5% after the company reported a better-than-expected holiday quarter, bolstered by sales of ‘Frozen II’ and “Star Wars” merchandise.
  • Underlying earnings were over 30% ahead of forecasts at $1.24 a share.
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