Before the open this morning, MetroPCS Communications (PCS: sentiment, chart, options) announced first-quarter consolidated gross additions of about 960,000 subscribers a 15% increase over the first quarter of 2007. Churn for the first quarter declined 0.8% to 4.0% when compared to the fourth quarter of 2007, and was unchanged when compared to the first quarter of 2007. Furthermore, PCS said churn rates were consistent with seasonal patterns. By the close of the first quarter, PCS had roughly 4.4 million subscribers, which includes net additions during the quarter of approximately 452,000 subscribers.

Pessimism has been on the rise toward PCS among short-term options players. The Schaeffer's put/call open interest ratio for PCS has climbed from 0.4 on March 27 to its current perch of 0.79, as put open interest has increased at a faster pace than call open interest among near-term options.

Technically speaking, it appears that the shares of PCS are attempting to create a rounding bottom after the security found support at the 14 level twice (on February 28 and March 18). The stock is now struggling with resistance in the 20 region. This area had capped the shares on a number of occasions since November.