Clearwire stock falls sharply after IPO

Clearwire Corp.’s stock continued its substantial slide Monday, its third day of public trading.
The widely anticipated initial public offering of Clearwire stock has had a rocky start. The company’s stock started at $27.25 per share before hitting a high of $27.95 shortly after the company’s IPO Thursday, in which Clearwire garnered $600 million. However, almost immediately began to slip in value to below $26 in trading Thursday, fell to around $23 on Friday, and was trading at around $20 in the early afternoon today on Wall Street.
Telecom stocks were mixed, and the markets were up slightly overall.