Satellite TV provider Dish Network ( DISH) missed the deadline for improving its takeover bid for Sprint Nextel ( S). Dish had until 11:59 p.m. on Tuesday to submit a new bid to compete with Japanese mobile operator SoftBank's offer of $21.6 million. Dish said it could not meet the deadline after Sprint made changes to its agreement with SoftBank. Dish said on Tuesday that it would not enter a new offer and instead would focus on its efforts to buy a stake in Clearwire ( CLWR). Sprint itself has attempted a takeover bid for Clearwire. Just last week, Clearwire's board recommended voting against Sprint's offer at an upcoming meeting and encouraged shareholders to accept Dish's instead. Dish has offered $4.40 for each Clearwire share, trumping Sprint's offer of $3.40 a share. Sprint has filed a lawsuit against Dish and Clearwire as a result.
Sony ( SNE) has pulled an upgrade to its PlayStation 3 after reports that the update caused the gaming console to stop working once it was installed. Software update 4.45, which was just released on Tuesday, is said to make the console freeze and its on-screen navigation disappear. The update was intended to allow users to turn trophy notification on and off.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.