Leap Wireless Lives Up to Its Name

Shares of Leap Wireless LEAP are screaming higher today; currently, shares are up by 10.59%, trading at $9.50. The stock opened at $8.46 and has been under accumulation all session. Buying pressure has magnified within the past two hours of trade. Leap Wireless has been bouncing for the past few days after careening lower and making a new 52-week low at $5.78. Technically speaking, shares may have a little more in the tank as they have not yet tested the 20-day moving average (~$9.70). Factoring in the recent move off of the lows, risk/reward favors scaling out of longs here, though the initiation of shorts could be premature. Note that Leap Wireless has 9.68% short interest. This should lend some type of support. Leap Wireless International, Inc. is a wireless communications carrier that offers digital wireless services in the United States under the Cricket brand.