New Wimax Talks Light Up Clearwire, Sprint
The two companies are discussing a partnership to build a nationwide mobile broadband network operating on the not-yet standardized WiMax technology, The Wall Street Journal reported Tuesday, citing people familiar with the matter.
The news sent battered shares of Sprint jumping 78 cents, or 7.8%, to $10.75 in recent trading. Clearwire vaulted $2.41, or 19%, to $14.86.
In November, Sprint nixed a previous JV in the wake of former CEO Gary Forsee's departure. The original deal called for Sprint to chip in $2.75 billion toward the expansion of fourth-generation wireless service to 19 cities by the end of next year.Sprint's new CEO Dan Hesse has since made deep cuts in staff, cleared out three top executives and put a hold on all new WiMax projects. Hesse is conducting a strategic review of Sprint's business and is likely to focus on rebuilding the company's core wireless and business services operations.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV