FCC OKs Clearwire/Sprint WiMax Deal; Both Stocks Soar

The FCC voted 5-0 today to approve a plan to combine Sprint ’s Xohm network with Clearwire ’s (CLWR) own WiMax network. Investors in the newly combined company include Google (GOOG), Intel (INTC) and a group of cable companies. According to the AP , the Justice Department has already indicated that it will allow the deal to proceed, but will continue to monitor it. Both Sprint and Clearwire today built on robust gains posted on Monday. Sprint, which rose 87 cents yesterday, added 15 cents in today’s regular session, and has advanced another 42 cents to $4.57 after hours. That brings the two-day rally to $1.44, or 46%. Clearwire shares rose 71 cents yesterday, 47 cents in today’s regular session and another $11.40, or 14.2%, to $11.25 in the late session. That brings this week’s CLWR rally to 31.5%; the stock is up five straight days, and including the after-hours jump has gained 87% since the close last Tuesday at $6.02. (link)