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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here
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To: VIXandMore who wrote (3660)5/13/1999 6:13:00 PM
From: MikeM54321  Read Replies (1) of 12823
 
Re: Copper Mountain (DSL Equipment)

Bill&Thread,
Another exciting IPO in the DSL sector.
MikeM(From Florida)
----------------------

Copper Mountain rocks in coming out

By Darren Chervitz, CBS MarketWatch
NEW YORK (CBS.MW) -- Investors snatched up shares of high-speed telecommunications specialist Copper Mountain on Thursday, bidding up the newly public stock more than 200 percent from its offering price.

The company (CMTN), which sells various products allowing telecommunication service providers to offer a high-speed Internet access called digital subscriber lines, saw its stock rocket on its first trade to 63 in an offering of 4 million shares priced at $21.

Originally, lead underwriter Morgan Stanley Dean Witter put an estimated price range of $12 to $14 on the deal. The stock traded as high as 70 11/16 before settling back to 68 7/16 by the close of the session, with a total of 6.9 million shares changing hands.

Copper Mountain's revenue leaped to $13.2 million in the first quarter, compared to just $317,000 in the year-ago period. Losses decreased to just over $1 million, compared to $3.3 million.

Included among Copper Mountain's clients are a few companies that have pulled off some of the year's hotter initial public offerings: NorthPoint Communications (NPNT) accounted for 61 percent of the company's revenue last year, while Rhythms NetConnections (RTHM) was responsible for 18 percent.
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