Sprint May Finally Be Ready for Lift-Off as the Bears Descend

NEW YORK (TheStreet) -- Right now it seems no one likes Sprint (S).

Its decision to stop pursuing a merger with T-Mobile US (TMUS) caused a drop of 20% in the shares in just one day. Sprint opened today at $6, then dropped 10 cents, a price last seen in October. It is now at $5.93, down 45% for the year to date and down nearly 15% for the past 52 weeks. Most analysts have moved on to looking at other potential T-Mobile merger partners. 

Having replaced long-time CEO Don Hesse with Brightstar founder Marcelo Claure, Sprint has become a bear darling, with one Wall Street Journal writer calling for a further 20% drop in the stock price. 

It's when companies wash out like this and everyone is talking doom and gloom that my own Spidey Sense starts wondering whether there's a bargain to be had.

Sprint currently controls 55 frequency spectrum blocks, most of them in the 1.9 GHz range. But it also has 101 Mhz of spectrum in the 2.5 Mhz range, through Clearwire, along with 800 Mhz spectrum from Nextel, which had some reporters calling it a "spectrum powerhouse" just a year ago. The FCC has added this spectrum to its "spectrum screen," which it uses in deciding whether to approve new spectrum purchases.  Sprint would like some of the low-frequency spectrum coming available in a future FCC auction to build-out its rural services.

Generally, however, spectrum is not Sprint's issue.

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