Movers: Sprint Nextel, Clearwire, Disney, Cisco Systems, ON Semiconductor

Sprint Nextel (S) and Clearwire (CLWR) agree to combine their next-generation wireless broadband businesses to form a new wireless communications company. Intel (INTC), Google (GOOG), Comcast (CMCSA), Time Warner Cable (TWC) and Bright House Networks collectively agree to invest $3.2 billion in new company

Disney (DIS) posts $0.58, vs. $0.43 a year ago, second quarter EPS from continuing operations on 9.5% revenue rise. Street consensus was $0.51. S&P reiterates strong buy.

Cisco Systems (CSCO) posts $0.38, vs. $0.34 a year ago, third quarter non-GAAP EPS on 10% sales rise. S&P reiterates hold.

ON Semiconductor (ONNN) posts $0.07, vs. $0.20, first quarter GAAP EPS despite 13% revenue rise. Excl. impact of AMIS Holdings, posts $0.20 first quarter non-GAAP EPS. Street consensus was $0.14. Sees $545-$560 million second quarter revenue.

PepsiCo (PEP) raises $1.50 annual dividend to $1.70, up 13%.

MBIA (MBI) rises 0.18 to 11.57. In a letter to MBI's owners, Chairman and CEO Jay Brown says, "I see no need to raise dilutive equity capital to support our existing business plans."

Transocean (RIG) posts $3.71, vs. $2.62, first quarter EPS on sharp revenue rise.

Devon Energy (DVN) posts $1.66, vs. $1.44, first quarter EPS on 20% revenue rise. Posts $2.74 first quarter EPS [excluding certain items].

Bidz.com (BIDZ) posts $0.18, vs. $0.14, first quarter EPS on 38% revenue rise. Sees $0.09-$0.11 second quarter EPS on $48-$50 million revenue [vs. first quarter's $61.9 million].

Harman International Industries (HAR) posts $0.31, vs. $1.07, third quarter EPS despite 17% sales rise. Sees the rest of fiscal year 2008 and 2009 as very challenging.

Speedway Motorsports (TRK) posts better-than-expected $0.71, vs. $0.72, first quarter EPS on 1.9% revenue rise. Notes first quarter net interest expense was $9.4 million, vs. $4.7 million reflecting increased borrowings to fund acquisition of New Hampshire Motor Speedway. Reaffirms 2008 EPS guidance of $2.40-$2.50.

Acco Brands (ABD) posts $0.11, vs. $0.12, first quarter adjusted EPS on 4.6% sales drop [adjusted]. Due to continued economic uncertainty, now sees weak demand continuing throughout 2008. Consequently, it sees 2008 sales, with benefit of currency, to be close to flat, but down mid-single digits on a constant currency basis, with adjusted EBITDA growth of mid-single- to low double-digits, EPS growth ranging from flat to low double-digits.

Synchronoss Technologies (SNCR) falls 9.16 to 13.74. It posts $0.16 [non-GAAP], vs. $0.11, first quarter EPS on 36% revenue rise. Sets $25 million stock buyback. Says it has "materially" lowered its growth expectations for 2008 due in large part to reduced revenues associated with the iPhone, as a significant number of iPhones are now unlocked so they can use a variety of different cell phone networks. S&P downgrades to hold from buy. Needham downgrades to hold from buy.

Foster Wheeler (FWLT) posts $0.95, vs. $0.80, first quarter EPS on 56% operating revenue rise.