AT&T (T), Verizon (VZ) May See Pop as SoftBank/Sprint (S) Deal Announced

AT&T (NYSE: T) and Verizon (NYSE: VZ) are seeing a slightly relief rally Monday morning following the official announcement that SoftBank will move to acquire 70 percent of Sprint Nextel (NYSE: S).

Chatter of the SoftBank/Sprint deal began to surface on October 11th, just days after MetroPCS (NYSE: PCS) and Deutsche Telekom entered a merger agreement. It was largely expected that Sprint might have tried to come over the top to acquire PCS.

Since the 11th, AT&T shares are down about 3.5 percent and Verizon is off about 2.6 percent. Not huge moves, but both might see a bounce today as details of the transaction are further disclosed.

For the 8-K filed in relation to the SoftBank/Sprint conference call today, click here.

Both AT&T and Verizon are indicated for a higher open Monday.

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