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 >Contact by Email. Follow @Commodity_Bull