Sprint Says It Will Keep Nextel

Sprint (S) this afternoon said that it has decided “to retain and rejuvenate” its Nextel business. There had been widespread speculation on the Street that the company would sell the iDEN network it acquired when it bought Nextel, but apparently that’s not going to happen. Give credit to Bernstein Research analyst Craig Moffett , who last month asserted that no sale of the business was likely. (A skeptic might say the decision to keep Nextel reflect a failure to find a buyer, as opposed to some burst of enthusiasm about the business.) After hours, Sprint is up 3 cents, at $3.52. (link)