NEW YORK-Sprint PCS affiliate US Unwired Inc.’s stock price shot up more than 250 percent in trading on Thursday to 30 cents per share just ahead of its scheduled fourth-quarter and year-end 2002 financial release on Monday.
The increase was fueled by more than 36 million shares of the carrier’s stock trading hands, which is well above the approximately 500,000 US Unwired shares exchanged on an average trading day.
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While analysts could not pin down a specific reason for the jump, some noted rumors have circulated predicting Sprint PCS is working on a bailout program for its embattled affiliates and US Unwired’s management is looking at a stock repurchase plan to bolster its sagging share price.
US Unwired’s stock was down just more than 6 percent in early Friday trading at 28 cents per share with more than 8 million shares traded.