The Clearwire IPO started trading on March 8th amidst all the market turmoil that was happening at that time. Since the market has regained its footing I thought I’d revisit the IPO.

The company, which trades under the ticker symbol CLWR, builds and operates wireless broadband networks using WiMAX, a next-generation technology that offers data transfer speeds that match that of a hard-line broadband connection. Customers who use their service can get wireless network access anywhere within range of a Clearwire tower. This is vastly more convenient than being tied to a close range (your home or a business) such as you would be using WiFi, DSL or cable.

Clearwire was started in 2003 by cell phone pioneer John McCaw, who founded McCaw Cellular Communications which he sold to AT&T for $11.4b in 1997. Currently, the company services around 40 different areas throughout the United States (click here for more information) as well as areas in Belgium & Ireland. Its markets range from major metro cities to small, rural communities.

Possible risks include the fact that WiMAX technology still lacks broad consumer acceptance. The company faces potential competition from Sprint Nextel (ticker symbol S) which is investing $3 billion in its own WiMAX network. However, Intel and Motorola have invested around $1.1 billion in Clearwire and are expected to broaden WiMAX uses to mobile phones and other portable devices.

On March 19th, Red Herring ran an article about a possibility of Sprint & Clearwire teaming up to create a national coverage area for WiMAX. The article also talked about the slumping share price since the IPO:

The trouble is that WiMAX is not the leader in any of its various markets. In the fixed broadband market, WiMAX competes with DSL and cable modems. In the mobile broadband market, it competes with cellular services such as EV-DO. And in the business wireless market, it competes with both Wi-Fi and cellular broadband.

Below is a chart of the stock’s peroformance since the IPO.

Cowen & Co. released a positive note today regarding shares of bebe stores, inc. (which trades under the ticker symbol BEBE). The firm sees improving trends at the company and favorable risk/reward scenario.

Following their store checks and meetings with bebe management, Cowen is increasingly comfortable that bebe is successfully recovering from a weak second quarter. The second quarter was characterized by insufficient sexy products, excess inventory and poorly controlled expenses. Firms says that while Q3 sales may be constrained (leading to Q3 comps and EPS at the low end of expectations) by a more conservative approach to the spring inventory following the bloated inventory of Q2, they believe the current valuation more than discounts for this.

At this price, shares seem to be underestimating the potential for resorted comp momentum during Q4 as customers are responding better to the current assortments. In closing, Cowen encourages investors to capitalize on the current depressed valuation and build positions in bebe.

Here is a one year chart of the stock:

Friday’s big winner was Dendreon Corp. (ticker symbol DNDN) which saw its shares skyrocket over 150% on a favorable FDA Advisory Committee vote regarding the company’s Provenge therapy. Several firms are out with notes today regarding the company.

JMP Securities raised their target to $20.00 from $12.00. They note that the FDA panel voted unanimously that the date showed Provernge to be a safe drug and 13 to 4 in favor of the data establishing substantial evidence of efficacy. However, the firm notes that all of the panelists commented that results from the ongoing D9902B trial would be necessary to confirm the drug’s survival benefit. JMP goes on to say that based on the favorable vote, they continue to believe the FDA will grant Provenage an Approvable Letter and will require data from the interim analysis on the ongoing D9902B trial. The interim results from the study are expected in mid-2008.

Lazard Capital said in a note that the panel vote and commentary on efficacy of the Provenge confirmed their previous assumption that the drug is active and dismissed some of their previous concerns over the trial design such as the impact of crossover effect and use of chemotherapy.

Brean Murray reiterated their belief that the Provenge data does not support FDA approval. The firm maintains their belief that Dendreon is banking more of the dire need for safer prostate cancer therapies, given the large and growing incidence of the disease, and less on the merits of its trials results. Today, the firm expects to see a spike in share price (due to forced short covering) and then they see the shares trend lower into the FDA’s decision on or before May 15th. Brean Murray belives the FDA will ultimately award Dendreon an Approvable Letter, contingent on the D9902B trial results (interim expected mid-2008, final results expected in 2010). Firm anticipates that the D9902B trial will result in failure given that it is a more robust trial.