Symantec, Clearwire: Tech Winners & Losers
NEW YORK (TheStreet) -- Shares of Symantec (SYMC) - Get Report jumped today on M&A chatter, while Clearwire (CLWR) dropped after it raised concerns about its ability to continue to operate.
Symantec rose 3.8% Friday to close at $17.20
Symantec declined to comment on the story.
Shares of struggling wireless Internet provider Clearwire dropped 3.3% Friday to close at $6.93
after the company said it may not have enough financing to operate its business.
Clearwire is cutting staff and delaying new market launches until it can secure additional funding, it said.
Clearwire's price continued its decline in after-hours trading Friday, falling another 2%.
Sprint
(S) - Get Report
, which owns a 54% non-controlling stake in Clearwire, was down 2.5% to close at $3.99, on concerns that the company may suffer if Clearwire goes under. Clearwire's allegedy uber-fast 4G WiMax network, which officially launched Monday in New York City's tri-state area, is a big differentiator for Sprint in the wireless industry, where it trails No 1. shop
Verizon
(VZ) - Get Report
and No. 2
AT&T
(T) - Get Report
.
Meanwhile, shares of
Research in Motion
(RIMM)
fell 2.5% to close at $55.66 Friday,
after reports that Dell's (DELL) - Get Report 25,000 employees were scrapping the Blackberry-maker
in favor of its own
Microsoft
(MSFT) - Get Report
-supported smartphone.
Dell CFO Brian Gladden told
The Wall Street Journal
that Dell will save 25% in mobile communications costs primarily by eliminating the need for BlackBerry servers.
--Written by Olivia Oran in New York.
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