For some unknown reason, Virgin Mobile USA’s (NYSE: VM) stock is trading as much as 34 percent above yesterday’s close today, prompting the New York Stock Exchange to ask the company to issue a public statement on whether there have been any developments that would explain the jump, according to the AP. But the company declined to comment, saying it does not talk about unusual market activity. Virgin Mobile’s shares rose as much as $1.26, or 34 percent, to $4.97 in early morning trading (perhaps the formal inquiry scared off investors because now the stock is up about only 5 percent). Trading volume was also higher than normal at about 932,000, which is above the daily average of 538,000 shares. In addition to today’s rally, Barron’s noted that the stock has rallied 103 percent in the last six trading sessions.

We’ll see if anything is up on Monday when the company reports first-quarter earnings. Last quarter, the company lowered its outlook, saying it was being affected by the slowdown in the economy. In reaction, we reported that the company was thinking about shedding some staff to save money. Barron’s said Wall Street is looking for $315.3 million in revenue and profits of 9 cents a share. The company expects net service revenue of up to $303 million and earnings of up to 4 cents a share. 

• Virgin Mobile: 100 Posts—One-Fourth The Staff—Could Be Cut, Or None At All
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