that was the assessment of sprint but investment firm sanford bernstein. analyst craig moffett says the nation's third largest wireless carrier is spending heavily to upgrade its wireless network. he thinks the upgrade cost, along with signs the yet-to-be- unveiled iphone 5 will require a wireless technology sprint is only beginning to build will weigh heavily on the company, raising what he calls a legitimate risk of bankruptcy. >> the proximity of the iphone 5. now that we've seen the ipad. it confirms that the ipad has l.t.e. functionality if there was any doubt that the iphone was going to have l.t.e. functionality that's essentially gone now and unfortunately that just disadvantages a sprint that is already in a very precarious position. >> tom: shares of sprint ended the session down 4.5%. insurance on sprint bonds is pricing in a 50-50 probability of bankruptcy in the next five years. moffett doesn't see an imminent risk of bankruptcy, but he cautions the carrier's i.o.u. pressures start to mount in 2015. >> as tempting as it would be to say that sp

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he was the first analyst hired by rich pizano when he left sanford bernstein. and he took over neuberger berman. he took it from being a three star morningstar fund to a five star, not by being a good guy or smart or well trained, rather by outperforming. he outperformed by over 1,000 basis points on the s&p. it was that objective observation combined with the fact i've known him over 20 years, and i've been urging him to go on his own for some time. >> you basically backed him. >> i did. and i think his temperament is also right for this business. >> let's trade some of these names while andrew sticks with us. steve weiss, dell, aflac. i can tell us that avis budget group which has had a ridiculous return is also on the list and the ticker symbol is car. >> you know, i'm looking at dell and i don't regard dell as cheaper than apple the way i look at it. i'm looking at the peg ratio which is the p/e to growth and apple is virtually going to be flat by the street estimates there. next year, over this year, versus apple, which is historically grown at just an inc

tony is the senior analyst at sanford c. bernstein.ood afternoon. >> good afternoon, tyler. >> do you like what hp's doing here? is it a smart move? do we know enough of the detail sns. >> we don't know that much. obviously they're combining the two divisions. this is a cost centric move. they are not going to generate growth out of this move, but the two divisions share the same customers. they have the same channel partners, purchase many of the same components. so i think the thinking from hp if we put these two together, we can create some savings. are investors cheering that on? no, because i think there are broader concerns about hp's growth portfolio, ceo meg whitman has not outlined a strategic direction for the company and she became ceo six months ago. so i think investors are finding this somewhat undernourishing. >> you have an outperform on this stock, but what would you like to see management do or say to that point you just made, which is this is not a growth-oriented move. this is a cost-centric move. what would you lik