Clearwire Reports Record First Quarter 2007 Results:

Clearwire Corporation (CLWR) today reported record results in several key business indicators at the end of the first quarter of 2007, demonstrating replicable and scalable market performance as the company expands the reach of its simple, high-speed and portable wireless broadband service.

We should hope the results set a record, as they are the first the company has filed since coming public. As we noted in our earnings preview, “expected to lose money for the foreseeable future, earnings are less important than indications it is not the next Vonage.”

And on that latter front, a company that breathlessly describes its initial earnings report as a “record” and and resorts to adjusting even EBITDA (Earnings Without Expenses, anyone?) is not off to a good start.

The Economic Calendar starts off light but gets busy toward the end of the week.

• On Wednesday the Federal Reserve will announce that it has not raised rates and issue a statement indicating that it may or may not either raise or lower them in the future. However, their statement will be less scrutable than the preceding.
• On Thursday we’ll find out exactly how much more we have been spending on foreign goods than foreigners have been spending on ours. The general consensus is that it will be $60.1 billion more, give or take a few billion.
• On Friday we’ll get PPI. While the headline figures are estimated to be 0.7% higher for all goods and 0.2% higher excluding food and energy, as usual we’ll focus more on the implications for individual companies and industries.
• Also on Friday is the retail sales report, with the consensus expecting a 0.4% rise for the month.

Earnings season also winds down this week. Nearly all the reports we track are on Tuesday.

• Clearwire (CLWR) - expected to lose money for the foreseeable future, earnings are less important than indications it is not the next Vonage.
• Cisco (CSCO) - A major supplier, Altera, (ALTR) looked weak. That makes us nervous.
• Nvidia (NVDA) - reports on Thursday, with the consensus expecting $0.39 in EPS both this quarter and next.

We look forward to the opportunity to start catching up on some things we had to put aside during earnings season.