Clearwire Sees Rub-Off Effect and 1 Hot Stock Making Waves
Wireless broadband service Clearwire (NASDAQ:CLWR) is seeing a rub-off effect on its stock, up over 29%, on reports that SoftBank (SFTBF.PK) would take a majority stake in Sprint (NYSE:S) – the market is probably assuming that Clearwire, which provides 4G networking to Sprint, may also see takeover interest. Not so lucky is MetroPCS (NYSE:PCS) whose shares are down on speculation that Sprint may now be out of the bidding race for Metro.
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Documents in a lawsuit that alleges investors lost at least $ 1 billion because of collusion between private equity players such as Blackstone (NYSE:BX) and KKR that resulted in takeover prices of companies being manipulated lower, reveal e-mails that appear to confirm this. However, PE firms have responded by saying that the quotes have been taken out of context and are routine between companies working together, not colluding, on deals.
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