Intel selloff rattles resurgent Clearwire

The markets did not react well to Intel (Nasdaq: INTC) decision to sell off 10 million of its 37 million shares of Class A Clearwire (Nasdaq: CLWR) stock. In fact, they reacted badly, as the recently resurgent Clearwire's stock dropped to a two-year low. Intel also owns 65 million shares of Class B stock as part of its 10 percent ownership stake.

Intel is among the founding partners of the WiMAX-based wireless operator, which, when it was formed, was seen as the wireless way for cable partners Comcast (Nasdaq: CMCSA), Time Warner Cable (NYSE: TWC) and Bright House Networks. Sprint (NYSE: S), which is using Clearwire as its path to 4G, is the majority owner and Google (Nasdaq: GOOG) also owns a piece.

In other, presumably more positive Clearwire news, the provider, Comcast and Sprint said they would expand the existing San Francisco Bay area network coverage to about 120,000 new POPs.

For more:
- the Washington Business Journal has this story
- CNET has this story

Related articles:
Intel investing $2B in Sprint/Clearwire - Rumor Mill Roundup
Cable's 4G play: Will Clearwire stay in the picture?
Clearwire hangs in there, adds subs, increases 1Q revenue

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