TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, May 28.
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Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors are looking ahead to the final batch of earnings reports, a lineup of Fed speakers, and key inflation data on Friday. The PCE report is known as the Fed’s favorite inflation gauge and measures the change in prices of goods and services in the U.S.
In other news - T-Mobile, one of the three largest wireless providers in the country, is about to get a little bigger. The company announced plans to acquire U.S. Cellular in a $4.4 billion deal. T-Mobile will gain stores, more spectrum rights, and all of Cellular’s 4-plus million customers. The deal, which includes up to $2 billion of assumed debt, is expected to be finalized by the middle of 2025.
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T-Mobile CEO Mike Sievert said in a statement “As customers from both companies will get more coverage and more capacity from our combined footprint, our competitors will be forced to keep up – and even more consumers will benefit."
If approved by regulators, the acquisition would help T-Mobile reach more areas where its network hasn’t previously covered. The company also said the deal could help bring high-speed broadband to customers who don’t have as many options as those in higher-coverage areas. Customers with existing U.S. Cellular plans will be allowed to keep their current plans, or switch to a new T-Mobile plan.
T-Mobile merged with Sprint in 2020 in a $26 billion deal. According to its website, it has roughly 121 million customers across the U.S..
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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