The Obama administration on Wednesday filed to block AT&T's (T.N) proposed acquisition of wireless rival T-Mobile USA (DTEGn.DE) because of anti-competitive concerns, two sources familiar with the matter said. Blocking the combination on antitrust grounds would be a big blow to the telecommunication giant's expansion plans. A Justice Department spokeswoman failed to comment as did a spokesman for AT&T. A Federal Communications Commission spokesperson said the commission has not made a decision to block the deal. Shares in AT&T slid 3.5 percent to $28.66. Stock in rival Sprint Nextel Corp (S.N) surged 9.9 percent to $3.90.
AT&T Inc. is a holding company. The Company is a provider of telecommunications services in the United States and worldwide. Shares of T fell by 3.41% or $-1.01/share to $28.61. In the past year, the shares have traded as low as $27.06 and as high as $31.94. On average, 28001700 shares of T exchange hands on a given day and today's volume is recorded at 37030440.
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S traded higher by 7.32% or $0.2599/share to $3.81. In the past year, the shares have traded as low as $2.98 and as high as $6.45. On average, 61107000 shares of S exchange hands on a given day and today's volume is recorded at 76504560.
Source
