What’s Moving These Hot Stocks: Clearwire, AIG, Frontier, Micron
Clearwire Corporation (NASDAQ:CLWR): Falcone is in talks with creditors to avoid a debt default, and meanwhile sources say that investor Carl Icahn divested his $250 million debt holdings in Philip Falcone’s telecom start-up LightSquared, according to a Reuters report.
American International Group, Inc. (NYSE:AIG) shares down in early trading as news that the Treasury has divested another portion of its investment ($30.50 per share) hit the Street. AIG shares had closed at $32.83 on Friday.
Further Reading: Uncle Sam Prepares to Dump AIG Shares.
Frontier Communications Corporation (NYSE:FTR) announces first quarter revenue of $1.27 billion, against a consensus of $1.26 billion. The firm had 3,038,900 residential customers and 302,100 business customers at quarter’s end, and increased its broadband customers by 11,700 during the quarter. Other customer totals include 1,775,900 broadband customers at the end of the quarter, and net additions of 4,400 video customers during the quarter, which includes 9,200 net additions of satellite TV customers and a net loss of 4,800 FiOS video customers. Finally, Frontier had 561,900 video customers on March 31, 2012.
Lenovo Group (LNVGY) intends to spend approximately $800 million on a new base to house the development, production and sale of mobile products, while it tries to grow beyond its core PC business, according to a Wall Street Journal report.
Micron Technology (NASDAQ:MU) bids more than $2.5 billion for the defunct Japanese chipmaker, Elpida Memory, says Reuters, and thus wins the exclusive rights to negotiate to buy the company.
Warren Buffett weighs his acquisition options for his Berkshire Hathaway (NYSE:BRKA), Reuters reports, and has been mulling an unidentified $22 billion purchase, remarking that a similar deal could cost over $30 billion in 2013.
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