The stock is down 41% in the quarter and I think at $19 it’s a pretty good buy. At less than half the 52-week high, the stock looks like a bargain. - Jon Najarian

Harbinger Capital decreased its stake to 7,484,000 shares (9.7%). It sold 3,041,000 from July 24 through 28 at $25.44 to $27.05.

Owl Creek Asset Management owns 3,204,079 shares after selling 803,900 from June 22 to July 16 at prices ranging from $27.57 to $31.98.

Hedge-fund Harbinger Capital Partners said that it expects to talk with Leap Wireless executives about how to maximize shareholder value. In December, Harbinger and its affiliates reported holding a passive stake in the San Diego-based provider of wireless-communications services. Harbinger's chief, Philip Falconne, controls 10.23 million Leap shares (14.8%).

Leap Wireless (LEAP) was upgraded from Underperform to Market Perform, Wachovia said. Company is launching into new markets, and should benefit from Sprint's troubles.

Leap Wireless (LEAP) was downgraded to Underperform, Wachovia said. Distribution survey shows that customer trends remain challenging. Estimates also cut.

Highland Capital Management cut its holdings to about 1.89 million shares (2.8%), from the 4.05 million (5.9%) it reported owning in September 2007.

potential to hit 100

Wachovia said it is downgrading Leap Wireless (LEAP) to Market Perform. The company only met the low end of second quarter net addition guidance which they provided in early May. Sub-prime exposure may be hurting business.

Leap offers digital wireless services in the U.S. under the Cricket and JumpTM Mobile brands. The company offers unlimited local and U.S. long-distance service from the Cricket service area and unlimited use of multiple calling features and messaging services.

refurses to leap

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