Is Sprint Really Stealing AT&T Subscribers? (S, T)

Sprint Nextel Corporation (NYSE: S) is down and out, it is losing money, and many investors question its long-term viability.  So what gives when you see a 7% gain in the share price?  Wells Fargo has a note out calling that Sprint is stealing customers from AT&T Inc. (NYSE: T) and from T-Mobile.  One positive was Sprint marketing efforts while AT&T has been indicating price raising efforts of late as it is ending its endless bandwidth.  Sprint does have that unlimited usage, and it has a network that is generally considered to be the least clogged network of the big cellular companies.

What is interesting is that Sprint does not seem to be winning from the iPhone to the point that AT&T did. Still, a 7% move in a day hard to discount entirely even if $2.60 compares to a 52-week trading range of $2.10 to $6.45. AT&T shares are up 0.4% at $31.01 and its 52-week trading range is $27.27 to $31.94.