3Com Soars After Doubling Palm IPO Price: After-Hours Trading
New York, Feb. 28 (Bloomberg) -- 3Com Corp. rallied in after-
hours trading as it doubled the expected price of its Palm Inc.
electronic organizer unit's public offering to $30 to $32.
3Com gained 5 15/16 to 85, after falling 1 5/8 to 79 1/16 in
regular trading.
Even without the evening rally, Santa Clara, California-based
3Com shares have soared 56 percent this month amid optimism about
the IPO, which is on Wednesday. After the spinoff, 3Com will own
about 95 percent of the company, which will trade under the symbol
PALM on the Nasdaq Stock Market.
The company's 1997 acquisition of modem maker
U.S. Robotics dragged down 3Com shares for three years.
Superconductor Technologies Inc. extended its gain in evening
trading, after the company said it can increase the range of
cellular telephone networks.
The shares rose 4 1/8 to a record 103. During the day it
rallied 31 3/8, or 47 percent, to 98 7/8. Friday it rose 20 5/8,
or 44 percent, to 67 1/2. As recently as Feb. 1, it closed at
8 1/4.
The Santa-Barbara, California-based company said Thursday it
plans at this week's Cellular Telecommunications Industry
Association show in New Orleans to demonstrate a system for
preventing cell-phone calls from being dropped.
March futures on the Standard & Poor's 500 Index rose 1.00 to
1348.70 in electronic trading. March futures on the Nasdaq 100
Index rose 7 to 4165.
The following is a summary of active stocks in after-hours
trading on the Nasdaq Stock Market.
Name Last Price Volume Move From Close
Applied Digital 12 7/8 561,400 +1
Rhythms NetCon 37 495,500 +1/4
Comcast 44 9/16 391,400 -1/8
Oracle 70 380,800 +1 3/8
3Com 85 374,800 +5 15/16
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