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.