Clearwire up on Sprint Nextel deal

The new company, to be named Clearwire, will receive $3.2 billion in capital from a group of investors including search engine powerhouse Google Inc. and cable TV operator Comcast Corp.

Clearwire shares rose 11.2 percent to $18.30, while Sprint added 5.2 percent to $9.67. Google shares added $2.14 to $588.50, while Comcast rose 35 cents to $22.20.

Shares of The Walt Disney Co. climbed after the entertainment company said its fiscal second-quarter profit rose 22 percent, beating Wall Street estimates. Shares added 77 cents, or 2.3 percent, to $34.50.

Synchronoss Technologies Inc., which makes software for communication service providers, reported higher first-quarter profit, but lowered its 2008 growth forecast as it expects its largest customer to contribute less to total sales. Shares tumbled 43.5 percent to $12.93.

A Food and Drug Administration panel voted against broadening the label for Cephalon Inc.'s pain drug Fentora, sending its shares down 2 percent to $59.30.