Sprint's (S) stock has been under pressure but received a lift after Softbank (SFTBF) announced a share buyback, pledging to use the cash to help Sprint pay off its debt. Softbank bought a controlling position in Sprint in 2013, but has watched its investment in that 'Stressed Out' stock deteriorate. Real Money writer James Passeri said the maneuver appears to be a last resort after about 23% of Softbank's market cap dissolved over the past twelve months. But Softbank CEO Masayoshi Son has said he thinks there will be adequate liquidity reserves to service the debt. Real Money has reported that Sprint is tied up in high-yield debt and has been burning through cash.
More from Video
Amid the Selling, Here's the Big Question Now
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
One Tweet Pulls the Rug Out From Under the Indexes
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
A Technical Look at the New Dow Jones Industrial Average
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
Conagra Brands Looks Tastier After Its Upgrade to Buy
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.
Biogen Bulls Get a Lift From Quant Upgrade and Strengthening Charts
Breaking down an approach to the long side of this biotech stock.