Clearwire, a Kirkland, Wash.-based provider of wireless broadband services, said in the regulatory filing with the Securities and Exchange Commission that the selling will begin on Friday, and that Intel expects the divestiture is part of the periodic re-balancing of its equity portfolio and that it anticipates the sales will yield tax benefits.
Dynavox (DVOX) was a standout gainer in late trades after its fiscal third-quarter report topped Wall Street's expectations.
The Pittsburgh-based maker of communication and education products for people with learning disabilities posted an adjusted pro forma profit of $2.6 million, or 9 cents a share, in the three months ended April 1, on sales of $28.7 million.
The average estimate of analysts polled by Thomson Reuters was for earnings of 6 cents a share on revenue of $25 million.""In spite of the ongoing macroeconomic challenges, during the third quarter we saw some signs of improvements and our consolidated top line was roughly equal to the last year," said Ed Donnelly, the company's CEO, in a press release. "Sales trends across both devices and software provide validation of our efforts to adapt to the environment as well as the fact that the demand for our products and services remains intact." Donnelly added that the company is "encouraged" by the sequential increase in its U.S. device business. Dynavox also forecast adjusted pro forma earnings of 21 to 27 cents a share for fiscal 2011 with adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] of between $19 million to $23 million. The company now sees a net sales decline of 6% to 8% for the year, an improvement from a prior projection for a drop of 10% to 15%. Other stocks moving in late trades included Zipcar (ZIP), which ticked lower after the vehicle sharing services provider posted a first-quarter loss of $6.1 million, or 95 cents a share, wider than a year-ago equivalent loss of $5.3 million; and Sina Corp. (SINA), which gained 2% to $122.50 on volume of more than 500,000 after the Chinese online media company forecast healthy sequential growth in its non-GAAP revenue to $112 million to $115 million in its fiscal second quarter. --Written by Michael Baron in New York.
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