Midday Review: MetroPCS Communications (NYSE:PCS) & Nokia Corporation (NYSE:NOK), Sprint Nextel

Nokia Corporation (ADR)(NYSE:NOK) plans to sell its headquarters in Finland as part of cost-cutting program.

It plans to keep its corporate base in the country as said by the company.

"Nokia House", the glass and steel structure popularly known as, situated near Helsinki is one of the options considered by the Nokia Corp in the disposal of noncore real estate holdings, said spokeswoman Maija Taimi.

"No plans to move out of Finland", was even quoted by her. This shows the clear intentions of the company to carry on its business operations in the country.

Will NOK Bounce Back After The recent Slump? Find Out Here

No comment came from Maija Taimi on media reports made earlier on Wednesday over property fetching up to €300 million or $390 million.

To save € 1.6 billion by the end of year 2013, Nokia announced job cuts of 10,000. It is even streamlining its operations.

Shares of NOK are down marginally.

U.S. mobile operations for Deutsche Telekom and MetroPCS Communications Inc(NYSE:PCS) likely to be merge. Creating a larger fourth-place player capable of competing with rivals was what both the companies aimed at.

The board for both the companies voted and approved the deal on Wednesday. The deal stated a hold of 74 percent by Deutsche Telekom and 26 percent by MetroPCS in the combined entity.

With the much awaited merger Deutsche Telekom's T-Mobile gets the scale it needed to compete with AT&T and Verizon.

Listed in the U.S market smaller MetroPCS will buy T-Mobile U.S. "Structured as a recapitalization" MetroPCS will declare a 1 for 2 reverse stock splits and make a cash payment of $1.5 billion to its shareholders as per the deal.

T-Mobile, as the merged company would be better known as, would be led by John Legere.

The company would have pro forma revenues of $24.8 billion in the year of 2012.

It will have 42.5 million subscribers in comparison to that of Sprint having 56 million at the end of the second quarter, Verizon with 94 million while AT&T had 105 million subscribers.

Sprint Nextel Corporation(NYSE:S)’s shares soar 5.50% after plunging in yesterday’s session.