Saturday, March 10, 2007

Clearwire share free fall - Yahoo! News

"Shares of Clearwire Corp., a wireless Internet service provider founded by cell phone pioneer Craig McCaw, sank nearly 10 percent in their second day of public trading.

The Seattle billionaire's latest venture landed with a thud on Wall Street after critics said his underwriters sold too many shares at too high a price.
The Kirkland, Wash.-based company raised $600 million in an initial public offering Wednesday night. Shares closed below the IPO price Thursday and continued their descent Friday, sinking $2.37, or 9.6 percent, to $22.25 in afternoon trading on the Nasdaq Stock Market.

Clearwire, which counts Intel Corp. and Motorola Inc. among its investors, is rolling out a new generation of wireless technology known as WiMax, which offers DSL-comparable speeds and greater range than today's Wi-Fi. The mobile flavor of WiMax — which most companies are focusing on — functions more like a cell-phone network than the wireless Internet consumers currently use. Clearwire offers the service in about 45 markets, including Seattle, Raleigh, N.C., and Waco, Texas."

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