Clearwire Corporation (NASDAQ:CLWR) plummeted Friday on the possibility that its phones may no longer be sold at Sprint – CLWR closed down 32.6% at $1.38 and was halted quite a few times for volatility and tripping the circuit breaker!
CLWR provides wireless broadband services; it builds and operates mobile broadband networks that provide high-speed mobile Internet and residential access services, as well as residential voice services in the United States. It primarily offers fourth generation 4G and pre-4G mobile broadband services under the CLEAR and Clearwire brand names.
Sprint (NYSE: S) has said it may stop selling phones and other devices compatible with Clearwire’s network at the end of next year. A Sprint executive said the company is already building its own 4G data network, expected to launch next summer.
Clearwire’s response was similar to the notes it’s sounded recently: Despite all the turmoil, it has lots of spectrum, and “Sprint remains dependent on Clearwire for 4G” today.
“As demand for mobile data increases, Clearwire remains the only viable 4G wholesaler with an operating 4G network, substantial spectrum resources, and a global technology road map to serve this growing market,” the company said in a statement.
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