Update (4:23 p.m.): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- NII Holdings Inc. (NIHD) soared 24.38% to $2.78, up from its previous close of $2.24, at the close of the trading day on Monday after the company announced that it had reached an agreement to use Telefonica SA's (TEF) network in Mexico and Brazil.
The company hit a high of $2.85 and a low of $2.59 for the day and holds a one-year high of $9.82 and a one-year low of $1.90. On Monday, the stock had a volume of 17,100,944, more than three times its average volume of 5,564,500.
TheStreet Ratings team rates Nii Holdings as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
NII Holdings, which offers Nextel mobile phone service in Latin America, had its biggest one-day increase since Nov. 2008 after the stock had fallen 65% in the past year.
Telefonica will permit NII to use its 3G mobile phone service in the two largest Latin American nations in order to support NII's own Nextel coverage, according to a statement released by the two companies. The partnership helps the Reston, Va.-based NII serve its customers without the added expense that would come with expanding its own service to more remote parts of the coverage area.
"We rate NII HOLDINGS INC (NIHD) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally high debt management risk."