Shares of Leap Wireless (NASDAQ:LEAP) more than doubled on Monday and continued to attract attention in late afternoon hours. The company is being acquired by AT&T (NYSE:T) for $1.2 billion after the country’s second-biggest wireless provider attempted to buy T-Mobile (NYSE:TMUS) and lost. The deal will allow AT&T to grow its prepaid options, as prepaid phone plans are growing in popularity. AT&T will add Leap’s stock, wireless properties, and 5 million subscribers to its Cricket prepaid brand.
Citigroup (NYSE:C) shares jumped 2 percent on Monday and continued to edge higher in late afternoon trading. The bank reported second-quarter earnings that beat analyst estimates. Revenues climbed 11 percent on the year to $20.5 billion, beating the average estimate of $19.79 billion. Adjusted earnings climbed 25 percent on the year to $1.25 per share, beating the average estimate of $1.18 per share.
Shares of Microsoft (NASDAQ:MSFT) increased 1.4 percent on Monday. The company is rumored to be testing a prototype of a new smart watch. AmongTech is reporting that the device will offer wristbands in a variety of colors and outside housing made of a special type of aluminum that’s four times harder than glass and still transparent. Rumors about the Microsoft smart watch began when it was reported that the company was ordering 1.5-inch screens from suppliers. According to some of the rumors, the device will run on the Windows 8 operating system and use the cloud for storage in addition to six gigabytes of storage space on the watch itself.
Apple (NASDAQ:AAPL) shares remained relatively flat on Monday. The tech giant’s upcoming iPhone 5S continues to stir predictions. Jefferies & Co. analyst Peter Misek now believes Apple’s next iPhone will be released in late September or early October, after being wrong about a June or July launch. Apple’s iPhone 5 was launched last September, which makes the coming months a reasonable time to expect a refresh of the product.
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