SAN FRANCISCO (04/27/2000) - AT&T Wireless Group's initial public offering (IPO) brought in a modest return on its first trading day, reflecting uncertainty in the financial markets.
The tracking stock, set at US$29.50 per share by AT&T, ended the day at $31.81 on the Nasdaq exchange, up $2.31, an increase in value of 7.84 percent, according to financial and stock market Internet sites.
The share high reached $40 in early trading and then settled in at $31.43 per share just before 11 a.m. The share low was $29.90 during the first 90 minutes of trading.
AT&T issued 360 million shares of the tracking stock for today's IPO, expected to be one of the largest yet. But the IPO arrived during a difficult stretch for the market with the technology-heavy Nasdaq stock exchange recently taking a beating and affecting other exchanges. AT&T Wireless, trading under the symbol AWE, is on the New York Stock Exchange.
The Nasdaq composite closed today at 3,774, up 144 points.
AT&T, Basking Ridge, New Jersey, can be reached at +1-908-221-2000 or http://www.att.com/.