One Factor Driving Down Sprint (S) Today

NEW YORK (TheStreet) -- Sprint  (S) was falling 3.95% to $8.51 shortly on Wednesday on the heels of a report that said the wireless carrier's potential acquisition of T-Mobile US  (TMUS) could hit a snag with the U.S. Department of Justice.

Bloomberg reported Tuesday night that Sprint executives received some resistance from Justice Department antitrust officials about the possible purchase. Sprint reportedly said during a meeting with senior antitrust officials earlier this month that an acquisition of T-Mobile would allow for more vigorous competition with chief competitors Verizon  (VZ) and AT&T  (T), but the Justice Department officials were not convinced.

Bloomberg further reported that SoftBank, the majority owner of Sprint, is in active and direct talks with Deutsche Telekom, which owns T-Mobile, to solve any hurdles to a potential deal, though such a deal may not come for several months.

If you liked this article you might like

Stocks on Track for Records Even as Trump Goes After North Korea

'Free' iPhones From Wireless Carriers Not as Cheap as They Were Last Year

Midday Report: Stocks Slightly Higher Ahead of Fed Meeting

Sprint, T-Mobile Are in Serious Merger Talks

T-Mobile, Sprint Deal Talk Lead Telecom Stocks to Post Big Gains