The AP's Jessica Mintz reports that Craig McCaw's WiMax venture, Clearwire, "landed with a thud on Wall Street" today after critics suggested the company's shares were overpriced. The ticker symbol is CLWR.

"Clearwire Corp., a wireless Internet service provider based in Kirkland, Wash., raised $600 million in an initial public offering Wednesday night," Mintz writes. "Shares fell 38 cents, or 1.5 percent, in their first day of trading to close at $24.62 on the Nasdaq Stock Market. Clearwire's fall was a sharp reversal of this year's IPO trends. On the first day of public trading, shares have gained an average of 5 percent."

More here from Reuters ... and more here from MarketWatch.