3Com Continues Rally Ahead of Palm IPO (Update1)
(Adds table, updates prices.)
New York, Feb. 29 (Bloomberg) -- 3Com Corp.
rose in extended trading ahead of the initial stock
sale of its Palm Inc. unit, the No. 1 maker of electronic
organizers.
3Com rose 3 3/4 to 101 3/4, after gaining 18 15/16 to
98 in regular trading. Yesterday 3Com, a maker of
computer-networking equipment, doubled the amount it expects
to raise from the Palm sale to $736 million. Palm expects to
sell 23 million shares, or a 4 percent stake, to the public.
Shares of Santa Clara, California-based 3Com have more than
doubled this year.
Galileo Technology Ltd. plunged in extended trading after the
maker of semiconductors for network equipment said it expects
first-quarter profit to be below analysts' estimates.
Karmiel, Israel-based Galileo fell 3 7/8 to 15 5/16 in after-
hours trading. In regular Nasdaq trading, Galileo dropped 3/16 to
19 3/16.
The company said it expects revenue between $19.5 million and
$21 million for the quarter, down 15 percent to 20 percent from
the fourth quarter. Galileo also said it would take a charge of
$2.5 million.
March futures on the Standard & Poor's 500 Index rose 0.8 to
1372.8. March futures on the Nasdaq 100 fell 2.05 to 4298.95
The following is a summary of active stocks in after-hours
trading on the Nasdaq Stock Market:
Name Last Price Volume Move From Close
Informix 17 2,180,700 +1
C.H. Robinson 50 1,454,000 -1
Microsoft 89 3/4 1,279,600 +3/8
Oracle 74 1/4 1,161,500 +1/2
Dell 40 7/16 1,065,800 -3/8
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