| NetSuite IPO closes, generates $185 million
The $185.4 million is a gross amount from which underwriting discounts and expenses will be deducted, the company said. Moreover, 365,000 of the shares bought by the underwriters were owned by stockholders like NetSuite's CEO and chief technology officer, so the proceeds from those shares -- about $9.5 million -- won't go to the company. In the final IPO prospectus, NetSuite had estimated that, if the underwriters exercised their option in full -- as they did -- NetSuite's IPO net proceeds would be approximately $161.9 million. NetSuite initially set a range of $13 to $16 per share for its IPO but subsequently raised it and eventually set the price at $26 per share on Thursday of last week, the day when the stock started trading on the New York Stock Exchange under the "N" symbol.
Goodyear Announces Conversion Period for Convertible Notes
AKRON, Ohio, Jan. 17 /PRNewswire-FirstCall/ -- The Goodyear Tire & Rubber Company (NYSE: GT) today announced that its 4.00 % Convertible Senior Notes due June 15, 2034 are now convertible at the option of the holders and will remain convertible through March 31, 2008, the last business day of the current fiscal quarter. The notes became convertible because the last reported sale price of the company's common stock for at least 20 trading days during the 30 consecutive trading-day period ending on January 16, 2008 (the 11th trading day of the current fiscal quarter), was greater than 120 percent of the conversion price in effect on such day. The notes have been convertible in previous fiscal quarters. The company will deliver shares of its common stock or pay cash upon conversion of any notes surrendered on or prior to March 31, 2008.
Fed Moves to Curb Risk of Recession
Yesterday's rate cut comes as the latest news suggests the economy continues to skirt recession despite a steep slump in housing and the continuing credit crunch, but financial markets remain fragile. Stocks rose on news of the cut, which some investors had expected to be smaller, but the market tumbled late in the day after a downgrade of Financial Guaranty Insurance Co. by Fitch Ratings intensified worries about the credit ratings of bond insurers, which insure about $2.4 trillion of debt. Such downgrades could leave banks exposed to additional losses on the mortgage-backed debt they hold, further eroding their capital and limiting their ability to lend. The Dow Jones Industrial Average, up as much as 201 points after the Fed announcement, ended the day down 37.47 points at 12442.83.
Middle-class queues up for Sensex lessons
It's taking all kinds to get ‘market-savvy'. Thirty two-year-old Amarja Nafrey, a former insurance agent, who now helps her husband run his business, attends Vijay Kumar's Stock Market Classes in Dadar, Mumbai. Mangesh Surve (40), a shopkeeper selling saris and dress material, has also signed up for Sensex-literacy classes. His fellow classmates are Rajesh Thakur (39), an interior decorator who negotiates busy Mumbai roads after a 45-minute ride from Chembur, and Jack Pinto who takes the train from Goa.
A new class of Indians is queueing up to learn the ABC of Sensex and the stock markets — to move up and, as they say, “out" of the middle class.
Delhi-based analyst Aditya Kalra says the Sensex has created a "new excitement" among the middle class.
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