Clearwire Corporation(NASDAQ:CLWR) shares dropped 11.82% to $1.79. The company plans to announce its third quarter 2012 financial results on Thursday, October 25, 2012.
Additionally, Reuters reported that Sprint Nextel Corp has acquired a majority interest in Clearwire Corp after buying a stake from one of the Company's other shareholders. Sprint reached the deal with Eagle River Holdings on October 17, 2012 and now controls a 50.8% stake in Clearwire.
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However, Sprint Nextel Corp. said it doesn’t have control of Clearwire Corp. despite its majority stake in the spectrum-rich Washington company.
Melco Crown Entertainment Ltd (ADR)(NASDAQ:MPEL) shares declined 1.20% to $13.99 in the morning hour after the company announced that its 60% owned indirect subsidiary, Studio City Company Limited ("SCC") has entered into a commitment letter (the "Commitment Letter") with a group of mandated lead arrangers for US$1.4 billion senior secured credit facilities (with both Hong Kong dollar and U.S. dollar tranches) which is expected to consist of: (i) a US$1.3 billion equivalent delayed draw term loan facility and (ii) a US$100 million equivalent revolving credit facility, both of which will mature 5 years from the signing of definitive legal documentation.
E TRADE Financial Corporation(NASDAQ:ETFC) stock decreased 8.49% to $8.62 after the company announced third quarter net loss of $28.63 million, or $0.10 loss per share, compared to net income of $70.70 million, or $0.24 per share in the third quarter of 2011. Total net revenues were $490.04 million for the third quarter of 2012, compared with $507.28 million in the third quarter of 2011. Analysts expected the company to report earnings of $0.08 per share on revenues of $440.12 million for the quarter.
Additionally, ETFC’s stock had its target price trimmed by Goldman Sachs to $8.00 in a report released today. Goldman Sachs currently has a neutral rating on the stock.
A123 Systems, Inc.(NASDAQ:AONE) stock climbed 50.53% to $0.0113 after the company, that filed for bankruptcy this week, won court approval to borrow as much as $15.5 million from Johnson Controls Inc. while it prepares to sell its assets. U.S. Bankruptcy Judge Kevin Carey approved the interim financing at a hearing in Wilmington, Delaware, after Johnson Controls cut the interest rate to 13.5% from 15% following talks held during a break. A123 is scheduled to return to court Oct. 30 to seek approval of the remainder of the $72.5 million loan.
Lululemon Athletica inc.(NASDAQ:LULU) stock declined 6.49% to $69.79. Lululemon is retreating after Credit Suisse wrote that the company is offering slightly more discounts and producing more casual apparel. As a result of these developments, the firm is "somewhat concerned" that Lululemon's new products are eliciting a weaker than expected response.