FiberTower Corp. soars in pre-market trading on deal with Sprint Nextel

Shares of FiberTower Corp. (Nasdaq: FTWR) are sky rocketing this morning in pre-market trading after the wireless backhaul services provider, reported that it had entered into an agreement with Sprint Nextel (NYSE: S) to provide backhaul services in seven of the wireless carrier's initial WiMax launch markets.

FiberTower said that Sprint Nextel's deployment is based on providing Ethernet-based backhaul.

Shares of FiberTower surged 34.38%, or $1.21, to $4.73 in pre-market trading.

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