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| UPS adds to gains Smaller deals on tap to fill void
UPS (UPS: news, msgs) rose 5 1/4, or 8 percent, to 73 1/2 on Thursday. With volume of 28.3 million shares, it was the second most heavily traded stock on the Big Board. Meanwhile, a couple of smaller deals are ready to swim in the new-issues market to fill the void after the multibillion-dollar deals from UPS and Charter Communications (CHTR: news, msgs), which opened Tuesday. SonicWall Santa Clara, Calif.-based SonicWall (SNWL: news, msgs) closed at 26 1/16, up 86 percent from its revised upward offering price of 14. Shares opened at 36 3/16 and dipped on volume of 9.6 million shares. The IPO price range jumped to $12 to $14 from $10 to $12 in a sign of growing investor confidence in the $48 million, 4 million share deal led by Bear Stearns.
Sage A $30 million IPO from Sage Networks (SAGI: news, msgs) closed at 21 3/4, up 81 percent from its $12 price. The stock opened at 20 and hit volume of 5.5 million shares. In a sign of strong demand, Sage priced its 3 million shares above its $8 to $10 price range. The San Jose, Calif., company makes high-performance display processors used in digital displays. Its IPO is lead by Robertson Stephens. Edison Schools Edison Schools (EDSN: news, msgs) barely got a passing grade from investors despite the Nasdaq's record territory. Shares closed at 18 1/16, barely above the $18 price for the $173 million IPO led by Merrill Lynch on volume of 8.2 million shares. The largest private operator of public schools in the U.S. rang up $132.7 million in revenue and a loss of $50.6 million last year. Indications of Wall Street's lack of enthusiasm for the non-Internet deal came on Oct. 5, when Edison decreased its price range to $21 to $23 from $23 to $25, but it increased its number of shares to 6.8 million from 6 million in a sign of some strength. The IPO then priced $3 below the bottom end of its range. Investors include J.P. Morgan and Paul Allen's Vulcan Ventures; the Sprout Group and UBS Capital. Finisar grows Sunnyvale, Calif.-based Finisar (FNSR: news, msgs) increased its price to $16 to $18 from $12 to $14 and increased its number of shares to 8.2 million from 7.7 million. The move is a sign that investors wanted more of the provider of fiber optic subsystems and network performance test systems. Lead underwriter Merrill Lynch plans to price the deal for trading on Friday. A record-setting week This week has already witnessed more equity capital raised via new issues than any other week this decade, according to CommScan Analytics, which track IPOs, secondaries and other capital-raising action. As of Wednesday's close, 27 deals have been completed this week, raising $28.3 billion globally, breaking a record set two weeks ago. Prior to this, the highest volume during any week this decade was the fourth week in October 1997, when 57 new equity issues were completed to raise $24.9 billion globally. Expedia's expedition Expedia (EXPE: news, msgs) shares advanced 2 9/16 to 56 as enthusiasm for Microsoft's first Internet IPO grew on its second day of trading. On Wednesday, the stock jumped to 53 7/16, more than tripling its $14-per-share pricing level after it arrived on Wall Street. Expedia had priced $2 above its range as it cued up for trading. At the Next Level General Instrument (GIC: news, msgs) unit Next Level Communications (NXTV: news, msgs) advanced 5 1/2 to 56 1/2 on its second day of trading.. On Wednesday, the IPO closed at 50 3/4, far above its $20 price, as the stock racked up a premium of 154 percent on its opening day. Charter Communications Charter Communications (CHTR: news, msgs) rose 1/2 to 25 1/2 as it added gains on its third day of trading. Underwriter Goldman Sachs floated an additional 25 million shares for over allotments in addition to the 170 million shares it floated on Tuesday. The extra stock gave Charter an additional $485 million to fuel its business. The Paul Allen company is the fourth-largest operator of cable television systems in the United States with 6.2 million customers, including pending acquisitions funded partially by the IPO. Charter currently serves about 3.7 million customers.E-Chase IPO Chase (CMB: news, msgs) is mulling an IPO for its Internet business, an executive from the company said in a speech on Wednesday. Chief Executive Bill Harrison said the new stock may come amid plans to
ramp up Chase.com, create an Internet council to develop corporate-wide e-commerce
strategies, and buy Internet firms to strengthen Chase's Web presence. Shares of Chase
rose 9/16 to 81 1/8 on Thursday. |
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