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Stocks to Watch: Dish, Clearwire, Alcoa

NEW YORK -- Dish Network (DISH - Get Report) offered to acquire Clearwire (CLWR) for $3.30 a share, or $5.15 billion, topping a bid from Sprint (S) for the wireless service provider.

Clearwire said Tuesday it would discuss the unsolicited offer with Dish. But Sprint, which owns 51% of Clearwire, said it would have to sign off on Dish's offer and that it has no plans to do that.

Sprint reached a deal in December to buy the 49% of Clearwire that it didn't own for $2.90 a share. It later raised the offer to $2.97 a share.

Aluminum giant Alcoa (AA - Get Report) posted fourth-quarter revenue on Tuesday that topped analysts' expectations and it said it expected to be in good position for 2013 on global demand growth in the metal.

Fourth-quarter earnings at Alcoa were 6 cents a share on revenue of $5.9 billion. Analysts were expecting profit of 6 cents a share on revenue of $5.6 billion.

"We overcame volatile metal prices and global economic instability to deliver on our targets for the fourth year in a row. We enter 2013 in a strong position to maximize profitable growth," said Klaus Kleinfeld, chief executive officer of Alcoa, in a statement.

The company said it expected demand growth of 7%, which would be up from 6% in 2012.

Alcoa Beats Revenue, Optimistic on 2013 Demand

Apple (AAPL - Get Report) is developing a low-cost iPhone for emerging markets for 2013, according to reports. It also was reported that Apple CEO Tim Cook made his second visit to China in less than a year and met with the country's ministry of industry and information technology.

Apps at CES: Microsoft's Ballmer Really Doesn't Have a Clue

Wine company Constellation Brands (STZ - Get Report) is expected by analysts Wednesday to report third-quarter earnings of 55 cents a share on revenue of $751.8 million.

Seagate Technology (STX), the disk drive maker, on Tuesday raised revenue guidance for the fiscal second quarter ended Dec. 28.

Seagate said it expects quarterly revenue of at least $3.6 billion, higher than its previous forecast of about $3.5 billion.

Seagate Shares Rebound on Better-Than-Expected Sales

MGM Resorts (MGM) said its China arm received official approval Wednesday for its new $2.5 billion casino-resort in Macau.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to:
Copyright 2013 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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