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News Breaks | | | | January 9, 2013 | | 19:18 EDT |  | S, DISH, CLWR | Sprint's Clearwire financing an issue in Dish's bid, WSJ reports
A Wall Street Journal report says that part of Dish's (DISH) bid for Clearwire (CLWR) contains a provision that says the company cannot accept a financing package from Sprint (S) that was part of that company's takeover offer, with the report adding that Sprint is disputing Clearwire's ability to walk away from the $800M financing package. Reference Link | |
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News For S;CLWR;DISH From The Last 14 Days Check below for free stories on S;CLWR;DISH the last two weeks. |
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| June 11, 2013 | | 15:14 EDT |  | S, CLWR, DISH | Clearwire holder Crest calls for board to open 'competitive bidding process'
Crest Financial Limited, the largest of the independent minority stockholders of Clearwire Corporation (CLWR), made public a letter to Clearwire's Board of Directors reiterating its view that DISH Network's (DISH) tender offer for all outstanding shares of Clearwire for $4.40 per share "is both actionable and superior in every way to Sprint Nextel Corporation's current offer of $3.40 per share." Crest noted that SoftBank's (SFTBF) increased bid for Sprint (S) confirms that SoftBank's desire for Clearwire's spectrum "has only increased." Crest urged the Clearwire Board to pursue a "direct, competitive bidding process for the Company." In order to pursue that process, Crest demanded that the Clearwire Board "reconstitute the Special Committee with truly independent directors, fully consider DISH's tender offer to the stockholders of Clearwire, and free the company from Sprint's grip by terminating the merger agreement following stockholders' rejection of the Sprint-Clearwire merger on Thursday." | | | 12:53 EDT | | S, DISH | DISH, Sprint talks stumble on breakup fee, Bloomberg says
 Subscribe for More Information | | | 12:48 EDT | | S, DISH | Sprint, DISH talks falter on disagreement over break-up fee, Bloomberg says
Subscribe for More Information | | | 12:32 EDT |  | DISH, S | On The Fly: Midday Wrap
Stocks on Wall Street were lower at midday but well off their lows after the Bank of Japan held off from implementing any additional stimulus measures. The U.S. market followed Japan's benchmark stock index lower at the open, though the averages climbed back fairly steadily during the morning and stood near session highs just a bit below the flat line near noon. ECONOMIC EVENTS: In the U.S., NFIB's small business optimism index rose to 94.4 in May from a prior 92.1 reading. Wholesale inventories rose 0.2% in April, matching expectations, and wholesale trade rose 0.5% from the prior month, versus expectations for a 0.1% slide. The Job Openings & Labor Turnover report for April showed openings fell 3% to a seasonally adjusted 3.75M, while hiring jumped nearly 5% to 4.4M. In Asia, the Bank of Japan refrained from changing its policies following recent volatility in its stock and bond markets. The benchmark Nikkei fell about 1.5% as the decision disappointed investors who may have expected some action. COMPANY NEWS: Sprint (S) shares rose over 2% after Japan's Softbank (SFTBF) increased its offer to acquire the telecom company in the face of a potential rival bid from DISH Network (DISH). MAJOR MOVERS: Among the notable gainers was Catamaran (CTRX), which was upgraded by at least three Street firms and rose 11% after announcing a ten-year strategic pharmacy benefits deal with Cigna (CI). Also higher were shares of Questcor (QCOR), which jumped 19% after buying the rights to develop Synacthen from Novartis (NVS). Among the noteworthy losers was GenMark Diagnostics (GNMK), which fell 24% after Natural Molecular Testing launched a cardiac testing panel using technology from GenMark's competitor Luminex (LMNX). Also lower were shares of yoga apparel maker lululemon (LULU), which fell 17% after its CEO announced plans to step down and the stock was downgraded at Sterne Agee and UBS. INDICES: Near noon, the Dow was down 6.68, or 0.04%, to 15,231.91; the Nasdaq was down 11.21, or 0.32%, to 3,462.56; and the S&P 500 was down 4.89, or 0.30%, to 1,637.92. | | | 09:16 EDT | | S, CLWR | On The Fly: Pre-market Movers
HIGHER: Dole Food (DOLE), up 21.9% after CEO offers buyout at $12 per share... Questcor (QCOR), up 32% after buying rights to develop Synacthen and Synacthen Depot in the U.S. from Novartis (NVS), upgrade to Buy at CRT Capital... CardioNet (BEAT), up 44% after announcing a three-year national provider agreement with UnitedHealthcare Insurance (UNH)... Catamaran (CTRX), up 13.2% after announcing a ten-year strategic pharmacy benefits deal with Cigna (CI)... Sprint (S), up 2% after Softbank (SFTBF) increases buyout offer terms. Clearwire (CLWR) up 1.2%. LOWER: lululemon (LULU), down 14.9% after reporting earnings, CEO announces plans to step down, stock downgraded at Sterne Agee and UBS... Texas Instruments (TXN), down 2% after narrowing second quarter revenue, earnings forecast ranges... Corinthian Colleges (COCO), down 15.4% after disclosing the receipt of a subpoena from the SEC. Corinthian peer Career Education (CECO) 5.5%... Kinross Gold (KGC), down 5.5% after canceling development project in Ecuador, taking $720M charge, stock downgraded at Canaccord. DOWN AFTER EARNINGS: LDK Solar (LDK), down 8.5%. | | | 08:16 EDT |  | S, DISH | Sprint likely to accept new Softbank offer, says Oppenheimer
Subscribe for More Information | | | 05:21 EDT | | DISH, S | DISH statement in response to Sprint, Softbank announcement
Subscribe for More Information | | | June 10, 2013 | | 21:00 EDT | | DISH, S | Sprint says DISH proposal not likely to lead to superior offer
Subscribe for More Information | | | 20:57 EDT | | S | Sprint, SoftBank amend merger agreement, cash for Sprint holders now $5.50/share
Sprint Nextel (S) and SoftBank (SFTBF) announced that they have amended the previously announced merger agreement between the two companies to deliver greater cash consideration and increased certainty to Sprint stockholders. Sprint’s special committee and board of directors have unanimously approved the amended agreement and have unanimously recommended to stockholders to vote FOR the revised SoftBank transaction. Sprint and SoftBank anticipate closing the SoftBank transaction in early July. Under the amended agreement, SoftBank will deliver an additional $4.5B of cash to Sprint stockholders at closing, bringing the total cash consideration available to Sprint stockholders to $16.64B. The cash available to stockholders has increased by $1.48 per share, from $4.02 to $5.50, based on the June 7 share count. The $4.5B of additional cash at closing will be funded by a reallocation of $3B of SoftBank’s previously proposed $4.9B primary investment in New Sprint and by $1.5B of incremental capital from SoftBank. The price at which SoftBank will acquire shares from current Sprint shareholders will be increased from $7.30 per share to $7.65 per share, a 52% premium to the unaffected trading price prior to announcement in October 2012. As part of the amended agreement, the pricing of SoftBank’s $1.9B primary investment will be increased by 19% from the previously agreed $5.25 per share to $6.25 per share. Pro forma for the transaction, the current Sprint stockholders’ resulting equity ownership in a new Sprint will be 22% while SoftBank will own approximately 78%. SoftBank will continue to invest $1.9B in new Sprint at closing, which in addition to the $3.1B convertible debt investment made by SoftBank in October 2012, brings SoftBank’s total investment in Sprint to $5B. | | | 20:01 EDT | | S | Softbank raises offer for Sprint to $21.6B from $20.1B, Bloomberg says
Subscribe for More Information | | | | 12:54 EDT | | S, DISH | DISH issues statement on Sprint proposal
Subscribe for More Information | | | 06:21 EDT |  | CLWR | Stocks with implied volatility movement; SLV CLWR
Stocks with implied volatility movement; iShares Silver Trust (SLV), Clearwire (CLWR) according to IVolatility. | | | June 8, 2013 | | 15:49 EDT | | S | AT&T sacrifices profit margin for a half million more customers, WSJ says
Subscribe for More Information | | | June 7, 2013 | | 16:32 EDT | | S | Softbank in talks with Deutsche Telekom on deal, Reuters says
Subscribe for More Information | | | 15:33 EDT | | S, DISH | Softbank eying Deutsche Telekom stake in T-Mobile, Reuters reports
Subscribe for More Information | | | 14:15 EDT | | S | Sprint says Mullen to serve as independent director after Softbank deal
Subscribe for More Information | | | 14:08 EDT | | S, DISH | Sprint in talks with DISH, says Softbank deal to be consummated in July
Sprint (S) and Softbank (SFTBF) are parties to the previously disclosed agreement and plan of merger, dated as of October 15, 2012. Consummation of the Sprint-Softbank merger remains subject to various conditions to closing, including receipt of approval of the FCC and adoption of the merger agreement by Sprint's stockholders. Sprint and Softbank anticipate the merger will be consummated in July, subject to the remaining closing conditions and the effect of the actions of the special committee of Sprint's board of directors, which is currently in discussions and negotiations with DISH Network (DISH) regarding the unsolicited proposal received from DISH in April or other developments with respect to such proposal. Sprint’s board of directors recommends its stockholders vote in favor of the transaction with Softbank. | | | 10:11 EDT |  | S | On The Fly: Analyst Downgrade Summary
Subscribe for More Information | | | 06:59 EDT | | S | Sprint downgraded to Neutral from Buy at Nomura
Subscribe for More Information | | | June 6, 2013 | | 07:41 EDT | | S | Touchscreen BlackBerry A10 to launch in November, CNET says
BlackBerry's (BBRY) all-touchscreen A10 is scheduled to launch in November, according to CNET. Sprint (S) has already committed to selling the next flagship smartphone, the report noted. Reference Link | | |
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