ALL the News about
Mormons, Mormonism
and the LDS Church
Mormon News: All the News about Mormons, Mormonism and the LDS Church
Posted 24 Feb 2001   For week ended July 30, 2000
Most Recent Week
Front Page
Local News
Arts & Entertainment
·New Products
·New Websites
·Mormon Stock Index
Letters to Editor
Continuing Coverage of:
Boston Temple
School Prayer
Julie on MTV
Robert Elmer Kleasen
About Mormon News
News by E-Mail
Weekly Summary
Submitting News
Submitting Press Releases
Volunteer Positions
Bad Link?

News about Mormons, Mormonism,
and the LDS Church
Sent on Mormon-News: 29Jul00

Summarized by Kent Larsen

Corvis a Runaway Hit on First Day

NEW YORK, NEW YORK -- LDS CEO David Huber's Corvis Corp. was a hit on Wall Street today, more than doubling it share price on its first day. The company had already increased its initial estimated share price early in the week from $13 to $15 to $28 to $30 a share, and then raised the price again to $36 for its sale. It then opened at $95 a share today, selling more than 90% of the offered shares and settling at the end of the day at $84.72 a share.

The sale raised about $1.14 billion for Corvis, which the company will used for working capital and expansion, as it seeks to roll-out its long-distance fiber optic transmission technology. The offering values the company at 27.9 Billion. However, in spite of the company's lofty valuation, the company has "not recognized meaningful revenue," according to the company's SEC filings. To date Corvis has net losses of $91.3 million.

Recent tests conducted by Corvis along with the Williams Companies, show that Corvis' technology can transport signals coast to coast over a fiber optic network, theoretically reducing the cost of operating such a network by 75%.


Corvis Shares Double on Nasdaq Debut
Yahoo! News (Reuters) 28Jul00 B4


[an error occurred while processing this directive]

Copyright 1998, 1999, 2000, 2001 Kent Larsen · Privacy Information