Symantec, Clearwire: Tech Winners & Losers
Symantec rose 3.8% Friday to close at $17.20 after an article in The New York Post said the company was facing pressure from activist pressures to split up its security and storage businesses. Symantec declined to comment on the story.
Shares of struggling wireless Internet provider Clearwire dropped 3.3% Friday to close at $6.93 after the company said it may not have enough financing to operate its business. Clearwire is cutting staff and delaying new market launches until it can secure additional funding, it said.
Clearwire's price continued its decline in after-hours trading Friday, falling another 2%.
Sprint (S), which owns a 54% non-controlling stake in Clearwire, was down 2.5% to close at $3.99, on concerns that the company may suffer if Clearwire goes under. Clearwire's allegedy uber-fast 4G WiMax network, which officially launched Monday in New York City's tri-state area, is a big differentiator for Sprint in the wireless industry, where it trails No 1. shop Verizon (VZ) and No. 2 AT&T (T).Meanwhile, shares of Research in Motion (RIMM) fell 2.5% to close at $55.66 Friday, after reports that Dell's (DELL) 25,000 employees were scrapping the Blackberry-maker in favor of its own Microsoft (MSFT)-supported smartphone. Dell CFO Brian Gladden told The Wall Street Journal that Dell will save 25% in mobile communications costs primarily by eliminating the need for BlackBerry servers. --Written by Olivia Oran in New York.
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