The top pre-market NASDAQ Stock Market gainers are: Clearwire, Logitech International, Sina, Marvell Technology Group, and Lululemon Athletica. The top pre-market NASDAQ Stock Market losers are: Exelixis, Seagate Technology, Research In Motion, Shire, and Qiagen.
Clearwire Corp. (CLWR) stock gained 4.43 percent to $2.12 in the pre-market trading. Sprint Nextel Corp. (S) and Clearwire announced agreements potentially worth up to $1.6 billion over the next four years in payments for WiMAX services, possible pre-payments for LTE services and potential equity investments. Clearwire also said it has made interest payments totaling $237 million on its first-priority, second-priority and exchangeable notes which were due Dec. 1. Clearwire said the agreements modify prior wholesale pricing agreements and provide Sprint with unlimited access to Clearwire's WiMAX network to meet its growing 4G data demands. Under the terms of the agreements, Sprint will pay Clearwire a total of $926 million, about two-thirds of which will be paid in 2012, for unlimited 4G WiMAX retail services during 2012 and 2013. The agreements also establish long-term usage-based pricing for WiMAX services in 2014 and beyond. Sprint will have access to Clearwire's WiMAX network through at least 2015. Sprint plans to continue selling WiMAX devices with two-year contracts through at least 2012 and support those devices through the life of the contract.
Clearwire said the agreements also lay the foundation for the deployment of Clearwire's planned LTE Advanced-ready overlay network and outline the terms for Sprint to gain access to the additional LTE capacity. Under the terms, Sprint will pay Clearwire up to $350 million in a series of prepayments over a period of up to two years for LTE capacity if Clearwire achieves certain build-out targets and network specifications by June 2013. In addition, Clearwire and Sprint will work collaboratively to support the ecosystem for TDD-LTE in Band Class 41 for devices, chipsets and standards. Sprint expects to launch devices including laptop cards and phones that will utilize Clearwire's TDD-LTE network in 2013. Sprint has committed to providing additional equity funding to Clearwire in the event of an equity offering. If Clearwire raises new equity between $400 and $700 million, Sprint will participate in the offering on a pro rata basis up to $347 million.
Logitech International SA (LOGI) stock increased 4.09 percent to $8.40 in the pre-market trading.
Sina Corp. (SINA) stock gained 3.99 percent to $69.06 in the pre-market trading.
Marvell Technology Group Ltd. (MRVL) stock increased 3.82 percent to $14.39 in the pre-market trading.
Lululemon Athletica Inc. (LULU) stock rose 3.56 percent to $48.85 in the pre-market trading. Janney Montgomery Scott upgraded its rating on shares of Lululemon Athletica to buy from neutral.
Exelixis, Inc. (EXEL) stock decreased 4.85 percent to $4.32 in the pre-market trading.
Seagate Technology PLC (STX) stock declined 4.41 percent to $17.76 in the pre-market trading.
Research In Motion Ltd. (RIMM) stock decreased 3.79 percent to $16.74 in the pre-market trading. The BlackBerry maker said it would record a pre-tax provision in fiscal 2012 third quarter of about $485 million, $360 million after tax, related to its inventory valuation of BlackBerry PlayBook tablets. The charge is expected to be predominantly non-cash. For the third quarter of fiscal 2012, excluding the PlayBook provision and the outage related impact described above, RIM now expects adjusted earnings to be at the low to mid point of its previously guided $1.20 to $1.40 per share range.
RIM now expects third quarter adjusted revenue to be slightly lower than the previously guided range of $5.3 billion to $5.6 billion, reflecting product mix and the impact of PlayBook sell-through programs in the quarter. Street analysts predict profit of $1.21 per share on revenue of $5.30 billion for the third quarter. The company is still in the process of finalizing its fourth quarter outlook, and based on preliminary estimates, RIM expects unit shipments in the fourth quarter to be below third quarter levels. Additionally, Research In Motion no longer expects to meet its full-year adjusted earnings guidance of $5.25 to $6.00 per share.
Shire plc (SHPGY) stock moved down 0.59 percent to $99.7881 in the pre-market trading.
Qiagen NV (QGEN) stock moved down 0.07 percent to $14.89 in the pre-market trading.