Sprint Cancels Convertible Offering

Updated from 3:49 p.m. EST

Shares of Sprint Nextel (S Quote) ticked higher late Thursday on a report the company had cancelled a convertible preferred stock offering.

Hours later, the company confirmed the cancellation in a press release, saying the offering wasn't "economically attractive due to unfavorable market conditions. "

The Overland Park, Kan., phone company had said Wednesday it would sell $3 billion in cumulative perpetual preferred stock and planned to use the net proceeds of the offering for general corporate purposes including, among other things, debt reduction. ...