SoftBank Pushes Towards 80% Sprint Ownership and 2 Other Hot Stocks to Watch
Sprint Nextel Corp. (NYSE:S): Current price $6.93
On Tuesday, without giving a reason, Softbank Corp announced that it has acquired an additional 0.73 percent of Sprint Corp’s common stock, thereby increasing its position in the wireless operator to 79.07 percent. Founder of Softbank, Masayoshi Son, said the share purchases were made through its subsidiary Galaxy Investment Holdings and were meant to increase its ownership in Sprint to around 80 percent. The buyer had bought roughly 78 percent of the third-largest United States mobile network operator in July after a prolonged takeover battle and now says that Galaxy intends to buy around 2 percent of Sprint shares.
NorthStar Realty Finance Corp. (NYSE:NRF): Current price $9.60
NorthStar said Tuesday that it has priced an underwritten public offering of 35 million shares of common stock at a public offering price of $9.60 per share and will allow the underwriters a 30-day option in which to buy up to 5.25 million additional shares. The offering should close on Friday. Deutsche Bank Securities, UBS Investment Bank, and J.P. Morgan are serving as the joint book-running managers of the offering while FBR and JMP Securities are acting as co-managers of the offering.
Inovio Pharmaceuticals, Inc. (NYSE:INO): Current price $2.74
Inovio announced Tuesday that due to the unusual market activity in company stock, it has been contacted by the New York Stock Exchange in accordance with its usual practice. The firm stated that its policy is to not comment on such activity. In mid-morning trading, Inovio shares are down more than 10 percent on very heavy volume.