Clearwire's stock in the pits

Clearwire's stock hit a 52-week low on the Nasdaq Tuesday, dropping as low as $8.98 a share. The operator, which is planning to merge with Sprint Nextel's WiMAX business with the help of billions from investment partners Intel, Google and cable operators Comcast, Time Warner and Bright House, has seen its shares fall steadily since early June. But the stock fell below $10 at the end of last week. The shares remain in the pits despite recent upgrades from the likes of RBC Capital markets, which initiated coverage with an "outperform" rating and a target price of $17. Citigroup also recently upgraded the operator's target price to $13 a share.

For more:
- see Unstrung

Related stories:
Introducing the "new" Clearwire. Clearwire story
New Sprint-Clearwire deal a shot in the arm for mobile WiMAX. Sprint-Clearwire editorial

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