Stock Watch: Switchboard Opens Strong

Switchboard, Inc. soared in its first day of trading, closing at 27, up 12. The e-commerce company’s 5.5 million shares began trading at $15. Underwriters FleetBoston Robertson Stephens Inc. and J.P. Morgan & Co have a 30-day option to purchase 825,000 additional shares. Switchboard’s Web site puts consumers looking to buy products and services together with companies that provide them.

Banyan Worldwide (Nasdaq: BNYN), Switchboard’s former parent, will continue to own about 41 percent of the company’s outstanding shares. CBS Corp. (NYSE: CBS) will own another 31 percent.

Leave a Comment

Please sign in to post or reply to a comment. New users create a free account.

How often do you update your passwords?
Loading ... Loading ...

Technewsworld Channels