VMware, whose new VMW stock ticker symbol sounds remarkably like a luxury sports car, roared off the starting line in its first day as a public company Tuesday.
After about an hour of trading on the New York Stock Exchange, VMware stock rose to as high as $55 a share before settling down to just over $50, 72 percent higher than its starting price of $29, set by VMware Monday.
The company, a maker of virtualization software aimed at helping datacenters operate more efficiently, put 33 million shares on the market, which would yield $957 million at $29.
Strange things can happen to tech stocks !!......... GLTAH - Oilf.
POK Price at posting:
14.0¢ Sentiment: Hold Disclosure: Held