Sprint Shares Soar

Shares of Sprint Nextel Corp S are shooting higher on the session after the company reported that they would be selling pre-paid wireless services at Wal-Mart WMT. Raymond James also upgraded the company to “Outperform” today. The options market is heating up in the name with premium being purchased across the board. Both call and puts are currently in play with the $5 call, as well as the $4 put both purchased on the offer in size. Sprint Nextel Corp. put/call ratio is running at 1.8, near the top of its recent range, which may suggest that the stock is overdone and due for a pullback.