Clearwire up 3% after FCC rejects LightSquared's bid to use spectrum

A spokesperson for the Federal Communications Commission said yesterday that the NTIA, which coordinates spectrum uses for the military and other federal government entities, concluded that there is no practical way to mitigate potential interference to GPS systems from Philip Falcone’s proposed use of satellite spectrum for his LightSquared venture. Based on the NTIA finding, the FCC proposed indefinitely suspending LightSquared’s Ancillary Terrestrial Component authority. Shares of Clearwire (CLWR), which provides fourth generation wireless broadband services, are higher in late morning trading following the announcement, up 8c, or $3.28%, to $2.37.