Midday movers: Sprint, Clearwire, Safeway

Stocks are higher as jobless claims fall to their lowest weekly level in years.

By MSN Money Partner Oct 11, 2012 12:57PM
Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Shares of Sprint (S) are climbing following reports, which the company has confirmed, that it is in talks with Japanese cellphone company Softbank (SFTBF) regarding a potential "substantial investment." 

CNBC said Softbank may be attracted to Sprint, which may be working to buy Clearwire (CLWR), because of spectrum holdings. The talks come a bit over a week after Deutsche Telekom (DTEGY), owner of T-Mobile and MetroPCS (PCS), agreed to combine the U.S. cellphone businesses. 

In midday trading, shares in Clearwire were up 32% to $1.72 and Sprint was up 15% to $5.80, while PCS slid over 3% to $11.63. 

An appeals court reversed an injunction granted to Apple (AAPL) against Samsung's (SSNLF) Galaxy Nexus smartphone, meaning sales of the phone can begin again while the patent fight between the companies continues.

Among the notable market gainers Thursday were Fastenal (FAST), up over 8% after the company reported in-line results for its third quarter and raised its dividend, and Cooper Tire (CTB), up nearly 8% following reports that Indian tire maker Apollo Tyres is in the process of acquiring Cooper. 

Among the noteworthy losers were Safeway (SWY), down 3% after its earnings beat expectations but its revenues missed consensus forecasts, and Dollar Tree (DLTR), down more than 7% after saying its sees its Q3 sales coming in at the low end of its prior forecast.
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