U.S. stocks turned mildly lower in the afternoon session after early strength as investors booked profit after recent sharply rally. The stock had been rallied strongly since last Friday s an unexpected drop in jobless claims. The Dow Jones Industrial Average was down 30.05 (-0.23%) to 13,145.59, the S&P 500 fell .94 (-0.07%) to 1,401.28, while the NASDAQ Composite (INDEXNASDAQ:.IXIC) bucked the trend and rose 2.48 (0.08%) to 3,013.73.
Sprint Nextel Corporation (NYSE:S) stock gained 3.80% to $4.78 and made a new 52-week high of $4.96 after the company’s President Keith Cowan, who handled strategic planning at the company, will be leaving the company at the end of September. The company announced the change in a regulatory filing today, saying the decision was made on Aug. 2. Prior to joining Overland Park, Kansas-based Sprint in 2007, Cowan worked at Genuine Parts Co. (GPC) and BellSouth Corp., which was acquired by AT&T Inc. that year. The stock has jumped over 10% in the past one week.
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Exelixis, Inc. (NASDAQ:EXEL) stock increased 3.85% to $4.44 after the company announced the pricing of its concurrent underwritten public offering of 30 million shares of newly issued common stock at a price to the public of $4.25 per share and $250 million aggregate principal amount of its 4.25% convertible senior subordinated notes due 2019. The company anticipates that its aggregate net proceeds from the concurrent offerings will be $361.9 million after deducting the underwriting discount and estimated offering expenses payable by Exelixis.
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Clearwire Corporation (NASDAQ:CLWR) shares declined 7.48% to $1.65. The 52 week trading range for the company is $0.83 - $3.50. The shares of the company gained 16% in the last one year. The company, on July 26, 2012, reported a second quarter loss of $145.8 million, or $0.33 a share, from a year-earlier loss of $168.7 million, or $1.01 a share. Revenue decreased 1.8% to $316.9 million. Analysts most recently projected a loss of $0.31 a share on revenue of $321 million.
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Amarin Corporation plc (ADR) (NASDAQ:AMRN) shares climbed 14.37% to $12.98 after the company reported GAAP net loss of $53.9 million, or basic and diluted loss per share of $0.38, as compared to GAAP net loss of $202.1 million, or basic and diluted loss per share of $1.58, in the year ago period. The company reported cash and cash equivalents of $250.3 million at June 30, 2012, the end of its second quarter.
A123 Systems, Inc. (NASDAQ:AONE) shares increased 4.72% to $0.524 in the morning hour after the Wanxiang Group Corp. will invest up to $450 million in the firm. The investment from Wanxiang is intended to create the capital structure necessary for A123 Systems to continue growing its business, the company said. Alignment with Wanxiang is also expected to substantially strengthen A123's access to the growing vehicle electrification and grid-scale energy storage markets in China.