Pre-Paid Legal Confirms SEC Accounting Probe
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- Lucent Technologies Inc. is expected to announce a three-year, $5 billion contract to sell equipment to Verizon Wireless, according to the Wall Street Journal.
- PSINet Inc. said it had hired Dresdner Kleinwort Wasserstein to advise on restructuring obligations to bondholders and other creditors. It previously hired Goldman, Sachs & Co., which has been identifying strategic alternatives, including divestitures of non-core businesses and the possible sale or merger of the company. Even if PSINet is successful in restructuring its obligations or completing a strategic alternative, ``it is likely that its common stock will have no value, and the indebtedness of the company will be worth significantly less than face value,'' the company said. It also named Harry Hobbs as its new president and COO.
- Palm Inc. introduced its newest handheld computer devices, the Palm m500 and Palm m505, which include features such as postage stamp- sized expansion slots for multimedia cards offering images, music, video clips and more, according to the company. Other highlights include enhanced wireless Internet connectivity software and a new connector for hardware add-ons such as MP-3 music players, Palm said. The m500 series handhelds offer a faster processor and use the latest version of the company's Palm OS 4.0 operating system. The new devices come bundled with software that allows customers to connect to the Internet with a mobile phone, send and receive messages instantaneously and manage e-mail, according to Palm.
- Shares of Loudcloud Inc., which went public last week at $6, sank below $4 before recovering somewhat to close at $4.44. Nice going, underwriters!
- SureBeam Corp., which priced its IPO at $10 on Thursday night, closed at $8.59 during its first day of trading on Friday.
- Hertz Corp. filed on Friday a shelf registration to periodically sell up to $2.5 billion in debt securities. The wholly-owned unit of Ford Motor Co. plans to use the net proceeds for general corporate purposes, potential acquisitions and to reduce short-term borrowings.
- Salomon Smith Barney Holdings Inc. sold $1 billion in five-year global notes. It served as its own sole lead-manager. The Aa3/A deal was priced at 145 basis points above treasuries.
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