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The Nasdaq Now: Clearwire Soars Thanks to Good News at Sprint


Apple was down on the day.

MINYANVILLE ORIGINAL Despite a two-notch downgrade of Spanish debt by Standard & Poor's, investors were feeling optimistic about the economy after unemployment claims unexpectedly hit multiyear lows, which lifted US equities.

The Nasdaq Composite (INDEXNASDAQ:.IXIC) was up 0.18% to 3,057.27 on average trading volume of 698.69 million as of 12:02 p.m. EDT.

Volume leader Clearwire (NASDAQ:CLWR) was the leading gainer on the day, soaring 33.85% to $1.74. Earlier, news broke that Japan's Softbank was in talks to acquire Sprint (NYSE:S) (+15.72% to $5.83), which owns 49% of Clearwire.

Fasternal Company (NASDAQ:FAST) also broke above its 200-day moving average, surging 8.01% to $45.71. The company reported expectations-meeting third quarter profits of $0.37 per share, with revenue rising 10% to $802.6 million.

PrivateBancorp (NASDAQ:PVTB) also gained 6.78% to $17.00 after announcing a $75 million common stock offering that will go toward TARP repayment.
VOXX International (NASDAQ:VOXX) was among the day's decliners, falling 6.46% to $6.81. On Wednesday, the company cut its fiscal 2013 earnings outlook, citing a poor performance in Europe.

Apple (NASDAQ:AAPL) also fell 0.93% to $634.93. Earlier, a US appeals court overturned a ban on the sale of Samsung's (PINK:SSNLF) Galaxy Nexus in a lawsuit Apple had won.

Twitter: @sterlingwong
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