Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of NII Holdings (NASDAQ: NIHD ) have skyrocketed today by as much as 25% on reports that the company may sell a business unit.
So what: Chilean phone company Entel is reportedly interesting in paying $500 million to purchase NII's Peru business unit. Local media outlet El Comercio reported the negotiations yesterday, sparking today's rally.
Now what: NII has been interested in selling businesses in different regions such as Peru, Chile, and Argentina, along with other assets, in order to turn its attention to core markets in Mexico and Brazil. Intense competition in Peru has led to declines in service revenue. In a Bloomberg report, Stifel Nicolaus analyst Chris King was quoted as estimating total gross proceeds from the three markets NII is considering selling at close to $1 billion.
Interested in more info on NII Holdings? Add it to your watchlist by clicking here.
It's incredible to think just how much of our digital and technological lives are almost entirely shaped and molded by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.