Several state attorneys general have been suing to stop a merger between T-Mobile and Sprint. Rumors came out earlier this evening that the judge presiding over the case is planning to rule in favor of the merger. Here’s a bit from a Wall Street Journal article:
The rumors are almost certainly correct. Sprint’s stock soared in after-hours trading. The market closed with Sprint trading at close to $4.80. Since then, the stock has been trading for almost 70% more at over $8 per share:1
T-Mobile’s stock experienced a more modest after-hours rise from about $85 per share to slightly over $90 per share:
I’m planning to write something more detailed once the news is made official and the companies involved release statements.