FCC OKs Clearwire/Sprint WiMax Deal; Both Stocks Soar

The FCC voted 5-0 today to approve a plan to combine Sprint’s Xohm network with Clearwire’s (CLWR) own WiMax network. Investors in the newly combined company include Google (GOOG), Intel (INTC) and a group of cable companies.

According to the AP, the Justice Department has already indicated that it will allow the deal to proceed, but will continue to monitor it.

Both Sprint (S) and Clearwire today built on robust gains posted on Monday.

Sprint, which rose 87 cents yesterday, added 15 cents in today’s regular session, and has advanced another 42 cents to $4.57 after hours. That brings the two-day rally to $1.44, or 46 percent.

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