dpkkr
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Joined: 10 Apr 2005
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 Posted: Thu Apr 27, 2006 6:27 am Post subject: Tut Systems struts in first day of trading |
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Stock in networking upstart Tut Systems soared more than 200 percent today following the company's initial public offering.
Shares hit 57.5, up 39.5 points from the company's $18 per share IPO, on heavy volume. The stock peaked at 63.5 in early trading. Following today's close, the company had a market capitalization of about $630 million.
Tut's strong market debut was supported by investor fervor over all things Internet. The company designs, develops, and markets communications products for high-speed Net access over traditional telephone wires.
"The bottom line is you have an Internet explosion going on here," said John Todd, analyst with Wedbush Morgan Securities.
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