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Updated from 3:09 p.m. EDT
Shares of Sprint Nextel (S Quote) surged Tuesday on reports SK Telecom (SKM Quote) would form a strategic partnership that would aid the struggling wireless provider's recovery.
The Wall Street Journal said that South Korea-based SK Telecom was discussing a venture with Sprint to develop new handsets that will function on both providers' CDMA network, according to sources close to the matter.
That news contradicted an earlier report from CNBC, which said SK Telecom was in talks to purchase Sprint. The Journal article said both companies have discussed the idea of SK Telecom making a minority investment in Sprint, but they aren't pursuing an outright merger. ...
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