Midday movers: Clearwire, Herbalife

Stocks are higher as Alcoa unofficially kicked off the earnings season Tuesday night by topping revenue expectations.

By MSN Money Partner Jan 9, 2013 2:57PM
Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Shares of Clearwire (CLWR) rose nearly 8% to $3.15 after the company got an unsolicited $3.30 per share buyout bid from Dish Network (DISH). 

The offer sets up a potential takeover battle with Sprint (S), which already owns a majority stake in Clearwire and has a deal in place to acquire the remaining interest.

Another potential Wall Street showdown made headlines, related to two prominent hedge fund managers and their conflicting positions on Herbalife (HLF). 

Shares of Herbalife spiked higher and were up almost 5% near noon, after hedge fund Third Point, managed by Dan Loeb, disclosed an 8.24% passive stake. The holding puts Loeb in opposition with Bill Ackman of Pershing Square, who has a large and well-publicized short position in the company.

Among the notable gainers was NuVasive (NUVA), which rose nearly 12% after reporting preliminary revenue that beat expectations and having its stock upgraded to Sector Perform at RBC Capital. 

Also higher were shares of Global Payments (GPN), up about 6% after JPMorgan upgraded the stock and RBC Capital raised its price target on shares following the company's report and increased guidance. 

Among the noteworthy losers was Apollo Group (APOL), which fell 9% following more than one downgrade of the stock after its Q1 report. Also lower were shares of Hawaiian Holdings (HA), which slid over 6% following a two notch downgrade to "underperform" from "buy" at Bank of America Merrill Lynch.
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