Todays price on NTAP will be just fine, long run. Storage is growing sooo fast.
EMC is my largest holding, today it is trading at an all time high, showing incredible strength. We want to be watching the EMC spinoff, McData.....
Tuesday August 8, 8:50 am Eastern Time
EMC's McData unit raises IPO price range to $24-$26
WASHINGTON, Aug 8 (Reuters) - McData Corp., a provider of switches and software for connecting servers and storage systems
in a storage area network, on Tuesday raised the price range of its initial public offering of 12.5 million class B shares to $24-$26 a
share from $19-$21.
McData, which is expected to debut on Nasdaq this week under the symbol ``MCDT'' (NasdaqNM:MCDT - news), disclosed the
new price range in a filing with the Securities and Exchange Commission.
The Broomfield, Colo.-based company, a unit of data storage equipment leader EMC Corp. (NYSE:EMC - news), said it plans to
reap net proceeds of about $292 million if the shares go for $25 apiece.
It plans to use the money for general corporate purposes, including repayment of $1.9 million in outstanding debt owed to McData
Holdings Corp., a subsidiary of EMC, as well as for capital expenditures and working capital.
EMC holds 86.2 percent of the company's class A stock before the IPO, and will hold 76.1 percent upon completion of the
offering, which is being managed by Credit Suisse First Boston, Deutsche Banc Alex Brown and Merrill Lynch. |
