NEW YORK (TheStreet) -- Sprint  (S) - Get Report stock is up 3% to $3.43 in afternoon trading on Monday after announcing that it has launched a joint venture with British electronics retailer Dixons Carphone

The companies will together open as many as 500 Sprint-branded stores across the U.S.

They will equally split the startup costs of the joint venture, and will each have 50% ownership interest. 

"The joint venture is expected to help fuel Sprint's retail transformation, including the expansion of its retail store footprint," according to a company statement. 

Sprint shares are nonetheless unlikely to move much higher, TheStreet's chartist Bruce Kamichpointed out earlier this month. Resistance within the $3.50 to $4 area will probably cap any rally, he contended.

Additionally, Sprint is part of a Real Money series about 20 companies investors should consider adding to their distressed watch list. 

Based in Overland Park, KS, Sprint is a wireless communications company offering a range of wireless and wireline communications products and services.

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