This week, the Sprint has a market cap that has bumped up to around $18.5B. The bump happened immediately, almost to the hour, when the 700 MHz spectrum auctions closed. I originally thought the bump was due to imminent takeover activities. Today (being a little on the slow side), my belief is that the stock price jump might only be reflecting the final updated market value on Sprint's spectrum, which would still be an input in calculating any breakup price for the company.
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