Sprint Nextel (S) Higher On Expectations for 4G Phone Announcement

Shares of Sprint Nextel (NYSE: S) are surging upward on news that the company will unveil their first WiMax 4G phone sometime next week. The stock is trading 4.2% higher today, to $3.60, on decent volume.

The company has made no announcement on the rumor.

The introduction is expected at a wireless confab next week, according to Dow Jones Newswires. The device is named the Supersonic by manufacturer HTC.

CEO Dan Hesse recently told analysts that the 4G network will be immensely important to Sprint in the coming year.

The company has a head start versus its rivals, thanks to an investment in Clearwire (NASDAQ: CLWR), who has a focus on the WiMax technology that Sprint will be utilizing.

WiMax was originally supposed to replace the internet connection in the home, but was recognized for its mobile cpabilities rather quickly. Clearwire also runs the only 4G network in the U.S.

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