Sprint, T-Mobile jump on merger talk, Fiat Chrysler announces major recall, Tiffany gets upgraded

Here’s a look at some of the stocks the Yahoo Finance team will be tracking for you today.

Sprint (S) and T-Mobile (TMUS) shares were sharply higher in early trading after Bloomberg reported that Sprint owner SoftBank has reached out to the rival wireless carrier to restart merger talks. Mergers and acquisitions in the telecom industry have been on hold for more than a year as the FCC auctioned off radio airwaves controlled by local TV stations.

Fiat Chrysler (FCAU) is also on investors’ radar this morning. The automaker will recall more than 1.2 million Ram pickup trucks to fix an issue with a safety sensor and software. Most of the trucks were sold in the US. The issue has been linked to one death and two injuries. Fiat Chrysler said the recall will begin in late June.

AstraZeneca’s (AZN) US-listed shares are getting a healthy lift in early trading following news that its new drug shows it can reduce the risk of stage 3 lung cancer in clinical trials. The UK-based pharmaceutical firm says it will seek regulatory approval of the drug as soon as possible.

One retailer is having a pretty good day, at least so far. Tiffany (TIF) shares were slightly higher. Goldman Sachs upgraded the stock to buy from neutral and raised its price target to $107 a share. The investment firm thinks Tiffany will benefit from pick ups in spending by international tourists and high-end US consumer spending.