Clearwire Corporation(NASDAQ:CLWR) canceled
the appearance of Chief Financial Officer Hope Cochran who was to be present at
the Deutsche Bank conference on Thursday. This gives credence to reports that
the company is playing a significant role in the deal involving Softbank and Sprint
Nextel, its major stakeholder as well as network partner. However, Clearwire gave
no reason for the cancellation. The company controls huge chunks of spectrum in
the U.S.
Clearwire shares went into a tizzy, up
all of 70 percent on speculation that Softbank is interested in buying part or
all of Sprint centers on Clearwire. Sprint has a 49 percent stake in Clearwire.
This morning, the stock is volatile and was recent down 1.40%, off session high
of $2.52.
Clearwire plans to launch a next
generation network called TDD LTE. Japan based Softbank, the third largest
wireless carrier in that country, is trying to build a similar high speed
network.
Softbank is likely to invest billions of
dollars in Sprint Nextel which would help the company to reduce debt as well as
improve its balance sheet.
JPMorgan Chase & Co.(NYSE:JPM), the
largest bank in the U.S. in terms of assets, has posted spectacular profits in
the last quarter. On Friday, it said that its earnings for common shareholders
were $5.3 billion, up 36 percent from the corresponding quarter last year. These
earnings take into account the money to be paid to preferred shareholders. If
this expense was excluded, the net income would have been even higher, $5.7
billion to be exact.
Earnings were $1.40 per share, much
higher than analysts’ expectations of $1.21. Revenues rose by 6 percent to
$25.1 billion against expectations of $24.4 billion.
The JP Morgan stock fell 57 cents and
was trading at $41.52 recently.
In June this year, the stock had touched
a low of $31 after the company disclosed a trading loss of $6 billion.
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