Coty Slips In Mid-Morning After IPO and 2 Other Hot Stocks to Watch
Coty (NYSE:COTY): Current price $17.09
Coty announced the pricing of its initial public offering Thursday of 57,142,857 shares of its Class A common stock at a price of $17.50 per share. The company’s Class A common stock began trading on the New York Stock Exchange today under the ticker symbol “COTY.” The existing stockholders are also allowing the underwriters a 30-day option to buy an additional 8,571,428 shares at the initial offering price subtracting the underwriting discount. In mid-morning trading, the shares are down almost 3 percent from the IPO price. Coty’s owners include the billionaire Reimann family, who sold 57.1 million shares for $17.50 each, according to a Wednesday statement, after offering them for $16.50 to $18.50 each. The perfume maker was endorsed by Beyonce and Heidi Klum.
BlackBerry (NASDAQ:BBRY): Current price $14.35
Shares have moved up notably after being upgraded by the research firm Societe Generale from Sell to Buy in a note to investors earlier Thursday. Research indicated to the firm that BlackBerry’s new devices are selling well, with the latter probably recording sales of around 5 million devices that employ its BlackBerry 10 operating system in its first quarter, compared to less than 1 million in the previous period. BlackBerry is set to post its first quarter results on June 28; Societe Generale raised its 2013 earnings estimate to 85 cents from 71 cents, and has a price target of $17 on the stock.
Belo Corp. (NYSE:BLC): Current price $
Bernstein Liebhard is looking into whether the board of Belo Corp.breached its fiduciary duty to its shareholders by agreeing to sell the corporation to Gannett Co. Pursuant top the terms of the agreement, Belo shareholders will receive $13.75 in cash for each share they own. The inquiry will concentrate upon any potential unfairness of the price to Belo shareholders and the process through which Belo’s board considered and okayed the transaction.
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