NEW YORK ( TheStreet) -- Clearwire ( CLWR) was once again the big mover in premarket trading, reversing Monday's gains by tumbling 17.1% to $2.23 early Tuesday. Shares of the Bellevue, Wash.-based company closed up 15.95% on Monday after key partner Sprint Nextel ( S) announced its merger with Japanese telecom giant Softbank. The merger prompted speculation that Sprint, Clearwire's largest shareholder, will acquire the 4G specialist. On Monday, however, Bloomberg, citing sources with direct knowledge of the situation, reported that Sprint has no immediate plans to take over Clearwire. Clearwire was also the most active premarket Nasdaq stock on share volume of 5,167,913. Sprint shares rose 0.35% to $5.71 before market open. Sirius XM ( SIRI) was another active premarket Nasdaq stock, rising 0.71% to $2.82 on volume of 246,395. Apple ( AAPL) shares rose 0.26% to $636.40 on share volume of 95,070 IBM ( IBM), which reports its third-quarter results after market close on Tuesday, crept up 0.19% to $209.33 in premarket trading. Intel ( INTC), which also reports its third-quarter results on Tuesday, gained 0.6% to reach $21.86. The No. 1 chipmaker lowered its third-quarter revenue outlook last month, citing the the effects of a tough economic environment. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com.
During a conference call with analysts, satellite TV tycoon expounds upon possibility of a merger with T-Mobile or DirectTV, his pursuit of Sprint and Clearwire, and allegations of fraud in LightSquared bankruptcy.