Sprint's crisis cascades to Clearwire, but never underestimate (Clearwire founder) Craig McCaw...
Clearwire's solid third-quarter financial performance was overshadowed Friday by the announcement that the company and Sprint Nextel had terminated an agreement to jointly build a nationwide wireless broadband network.
In July, Kirkland-based Clearwire and Sprint said they would pool resources to blanket the country with the next generation of high-speed wireless data networks, called WiMax. The deal was expected to be completed in two months, but after taking nearly twice as long, the venture was called off Friday.
Clearwire's stock plummeted, falling about 25 percent to close at $13.49 a share, or nearly 50 percent below its initial public offering price of $25.