Stocks to Watch: Clearwire, Apple (Update 1)
NEW YORK -- Sprint (S) reached a deal Monday to buy the shares of Clearwire (CLWR)that it doesn't already own for $2.97 a share, higher than the offer Sprint made last week of $2.90 a share.
Shares of Clearwire were falling 8.9% to $3.07 a share in premarket trading Monday.
Apple (AAPL) shares fell 1.5% to $502.35 in premarket trading after Citigroup cut its rating on the tech giant to neutral and slashed its price target to $575 from $675.
Apple, meanwhile, said sales of the iPhone 5 in China exceeded more than 2 million since it launched the device there on Friday. 3 Positive, Uplifting Stories That Could Unfold in 2013Akamai Technologies (AKAM) named mathematician co-founder Tom Leighton as its new CEO. Leighton is Akamai's chief scientist. He takes over the CEO role held since 2005 by Paul Sagan, who said he would step down by the end of 2013.
American International Group (AIG) said Monday it plans to sell its stake in Asian life insurer AIA Group. AIG's 13.7% stake in AIA Group reportedly is worth about $6.7 billion. AIG shares were rising 1.8% to $34.55 in premarket trading Monday.
Google (GOOG) could emerge largely unscathed from a two-year investigation by the Federal Trade Commission of its Web-search business, people familiar with the matter told the Journal. The FTC could agree to end its probe as soon as this week, in response to several voluntary changes that Google will agree to make to its search practices, said one person briefed on the matter. The stock was rising 0.4% to $704.50.
Networking giant Cisco (CSCO) hired Barclays to find a buyer for router business Linksys, Bloomberg reported, citing people with knowledge of the situation. Linksys is likely to fetch less than the $500 million Cisco paid for it in 2003 because it is a mature consumer business with low margins, the people told Bloomberg. Cisco shares were unchanged in premarket trading at $19.86. The New CEO at Sirius XM and Why It Matters
Diamond Foods (DMND) is expected by analysts on Monday to post fiscal first-quarter earnings of 23 cents a share on revenue of $274.4 million. Does Ciena Have a Chance?
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: tips@thestreet.com.
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