Sprint’s stock price hit a seven-month high this week following a sudden change in management plans by the telecom company’s parent.
Tokyo-based SoftBank revealed this week that heir-apparent Nikesh Arora was departing the company. Investors speculated that this departure would allow SoftBank to sink more money into Overland Park, Kan.-based Sprint, causing the shares to rise.
Sprint shares climbed as high as $4.47 before closing at $4.36 on Wednesday. The stock has built up some momentum, closing at $4.16 on Tuesday and $3.86 on Monday. As of 2:15 p.m. CDT Thursday, Sprint’s shares were at trading at $4.40.
Read more: Kansas City Business Journal