Foundry Networks' stock skyrockets in second-best opening day for an IPO
Article Abstract:
Shares of Foundry Networks Inc. rose by more than a factor of six to $156.25, from their $25 offering price, making it the the second-largest percentage gain in a first day's trading after that of theglobe.com. Due to the rise in share value, the maker of Internet-switching equipment now has a value of almost $8.7 billion, and chief executive officer Bobby Johnson has become an instant billionaire. The stock's performance is a sign that enthusiasm for Internet-related issues remains very strong, experts say. Foundry differs from other Internet-related firms insofar as it is actually profitable, with good prospects. Its biggest customer for its Internet switches is America Online Inc. Only a year ago, this market was viewed as overcrowded, but firms like Foundry have been able to capitalize on delays by rival Cisco Systems Inc. Shares of similar firms that went public this year, Extreme Networks Inc. and Alteon Web Systems Inc., did well in their IPOs. For firms with a solid balance sheet and a firm footing in the Internet world, the market for IPOs remains enthusiastic, experts say.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
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Quark seeks to purchase Adobe Systems
Article Abstract:
Privately held Quark Inc. has offered to buy Adobe systems, the industry leader in electronic publishing software. Adobe strongly rejected the offer from its much smaller rival. Quark chair F. Fred Ebrahimi responded that he still hoped to purchase all or part of Adobe's common stock, which has been declining in value due to slow sales. Quark makes one product, the profitable page-layout software QuarkXpress. Buying Adobe would help it diversify, but might also lead to conflicts between corporate cultures, industry analysts say.
Comment:
Quark Inc.'s bid to buy software maker Adobe Systems has been rejected
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Incyte to buy England's Hexagen in ambitious drive to map genes
Article Abstract:
Hexagen PLC, an industry leader in the technology of identifying genetic variations, has been acquired by Incyte Pharmaceuticals Inc. in a deal that is valued at nearly $38 million in cash and stock. Incyte, the biotechnology company which hopes to map most of the human genome in a year and earns the majority of its revenue by licensing its 3-million-sequence database to drug companies, has formed a new $60 million business unit for its gene-mapping business. The new unit will be named Incyte Genetics.
Comment:
Has acquired Hexagen PLC in a deal that is valued at nearly $38 mil in cash and stock
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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