Sprint pops after seeking investment from Warren Buffett (S)
Sprint shares are getting a boost on Friday.
News that Sprint executives approached Warren Buffett and cable mogul John Malone sent shares up as much as 2.8% in afternoon trading on Friday.
Chairman Masayoshi Son reached out to Buffett and Malone separately, according to the Wall Street Journal. Talks are at an early stage, and details around any possible investment in Sprint are unclear at the moment. One guess would have Berkshire Hathaway investing $10 billion in the telecom company, according to the Journal.
Son has been looking to merge or sell a large stake of Sprint in order to better compete against rivals Verizon and AT&T.
Sprint is down 2.75% so far this year, including Friday's bump.