The love affair may be souring between hedge fund star David Einhorn and Sprint-Nextel (S).
Einhorn, who a year ago started talking up his investment in Sprint as one of his favorites, and deeply undervalued, this week wrote in his latest letter to investors that the company’s management is “on the verge of losing the confidence of financial markets,” reports Shira Ovide with The Wall Street Journal’s Deal Journal blog. Einhorn expects investors may “agitate.”
Sprint shares today are down 6 cents, or 2%, at $2.85, and the stock is down 32% for the year.
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