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Mormon News: All the News about Mormons, Mormonism and the LDS Church
Posted 24 Feb 2001   For week ended July 30, 2000
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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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