Sprint to MetroPCS: We'll Call You ... Maybe

NEW YORK ( TheStreet) -- Just when it looked like Sprint Nextel ( S) was consigned to being the odd man out when it comes to wireless M&A, there's a report the company is mulling making a counter-bid for MetroPCS ( PCS).

Bloomberg said Thursday Sprint is in the "early stages" of evaluating whether it should make a run at Dallas-based MetroPCS.

Nothing is official at this point, and both companies could not be immediately reached for comment on this story.

MetroPCS and T-Mobile USA disclosed the details of their merger plans on Wednesday. The combined company would use T-Mobile's branding and have 42.5 million subscribers.

In the wake of a MetroPCS/T-Mobile deal, some wondered where that left Sprint, as it looks to compete with wireless behemoths such as Verizon ( VZ) and AT&T ( T).

Citigroup recently added Sprint to its "Most Preferred List," saying investors should think of a pair trade, along with MetroPCS into the end of the year. " We believe the core investment thesis for Sprint remains centered around the prospects to restructure its network architecture and improve margins," wrote Citigroup in a note.

Shares of Sprint were down more than 3% at $5.03 following the Bloomberg report with volume closing in on 60 million. MetroPCS shares, which briefly went positive, were losing 3% as well at $11.86 on volume of nearly 45 million.

Interested in more on Sprint? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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