MARKET CURRENTS
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MARKET CURRENTS
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Today - Tuesday, May 21
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9:09 AM Sprint (S) raises its offer for Clearwire (CLWR) to $3.40/share ahead of today's shareholder vote on a $2.97/share offer, which was widely expected to be shot down. The revised offer, sent to Clearwire's board for review, is said to have the support of Comcast, Intel, and Bright House, who collectively own 26% of Clearwire shares not held by Sprint. Nonetheless, Clearwire +6.1% to $3.46, above the offer price. Sprint +1.1%. (previous) 1 Comment
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9:02 AM Shares of Clearwire (CLWR) are halted with news pending. Sources are saying a higher offer from Sprint (S) is in the works. Comment!
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8:51 AM Yingli Green Energy (YGE) +22.5% premarket after raising guidance for expected Q1 shipments of PV modules to a 6%-7% Q/Q decrease, vs. previous guidance of a low-to-mid-teen percentage decrease. Overall Q1 gross margin is expected at 4.0%-4.2%, in line with previous guidance. Comment!
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6:47 AM Dish Network (DISH) can talk to Sprint (S) and look at its books after Softbank (SFTBF.PK) agreed to a waiver. Softbank thinks its offer to buy the company is superior and sees the move as a step forward toward closing a deal to acquire Sprint before July 1. Comment!
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4:34 AM Vodafone (VOD): FQ4 organic service revenue -4.2% (in line, but worst quarterly drop on record): -12.8% in Italy and -11.5% in Spain. Impairment charge of £1.8B in Italy, bringing total impairments for Spain and Italy to £7.7B for the full year during which sales were down 4.2%, to £44.4B and core earnings were off 3.1% to £13.3B. Adjusted operating profit beats, rising 9.3% to £12B. The company said it will keep its 45% share of Verizon's (VZ) dividend payment to shore up operations. 2 Comments
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