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Technology Stocks : IRID - Iridium World Communications IPO Announced!
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To: Mama Bear who wrote (1946)6/15/1999 5:10:00 PM
From: Larry L  Read Replies (2) of 2693
 
To all: More news that may have had a part in the jump.
MINNEAPOLIS (CBS.MW) -- Shares of Iridium World
Communications Ltd. jumped 21 percent late Tuesday after a senior
Motorola executive said the struggling satellite phone maker will shift its focus to vertical markets.

Deputy CEO Fred Tucker said Motorola (MOT:news, msgs), which owns 18 percent of Iridium, is currently meeting with Iridium regarding the
marketing plans. He said details would be announced in July.

Iridium shares (IRID: news, msgs) jumped 1 1/8 to close at 6 1/2 after Tucker made his comments at the U.S. Bancorp Piper Jaffray stock conference in Minneapolis. The stock has fallen sharply from just
above 70 just 13 months ago.

Tucker's comments came a day after Iridium said it would eliminate 550 jobs. The company has been operating since May with help of an $800 million credit facility that requires the company to have 27,000 subscribers by the end of the month.

The Wall Street Journal reported the company is believed to have only about 15,000 subscribers now. Reuters reported Monday the company plans to cut its prices within days.

Tucker said the vertical markets would consist of market segments like
government and the insurance industry, but he gave few other hints of
what next month's announcement would include.

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