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Business News
| Corvis a Runaway Hit on First Day |
| 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. |
| Mormon Stock Index Off Again as Broader Market Falls |
| As the overall stock market indexes fell
slightly again last week, the Mormon Stock Index also fell, dropping
1.4% to 128.01. But the small drop masked even more volatility than
last week, as Franklin Covey, 1-800 Contacts and Hollywood
Entertainment all rose more than 10% and I-Link, Micrel Semiconductor
and Ten Fold all lost more than 10%. |
| LDS CEO's Firm Surprises Analysts, Doubles Price Range Ahead of IPO |
| LDS Church member David Huber's new firm Corvis
Corp. surprised some Wall Street analysts by doubling the planned
initial public offering price of its offering price to $28 to $30 a
share, from $13 to $15 a share ahead of the offering tomorrow.
Corvis, a designer and manufacturer of fiber-optic switches, is
seeking to raise more than $750 million with the offering amid Wall
Street's current love affair with fiber-optics. |
Other Business News
Black &Decker profits up, sees strong growth
TOWSON, MARYLAND -- Power Tools Manufacturer Black and Decker, headed
by LDS CEO Nolan Archibald, reported better-than-expected
second-quarter earnings and said it was on track to report improved
results for the year. The results were achieved in part by a stock
buy-back program that has reduced B&D's outstanding shares by 1.65
million.
"Despite weakness in both the economic environment and currency in
Europe and a slight slowing in the North American economy, we remain
on track to achieve our sales growth target of 4 percent to 7 percent
(excluding the effects of foreign currency translation) and to exceed
our (earnings-per-share) growth target of 15 percent for the full
year." said CEO Nolan Archibald.
Black &Decker profits up, sees strong growth
Excite News (Reuters) 24Jul00 B4
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