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Technology Stocks : Son of SAN - Storage Networking Technologies -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (1543)	10/27/1999 6:21:00 PM
From: Douglas Nordgren	Read Replies (1) \| Respond to of 4808

JNIC IPO One Minute Chart siliconinvestor.com JNI Corp. shares more than double after IPO siliconinvestor.com NEW YORK, Oct 27 (Reuters) - The shares of fiber channel provider JNI Corp. (NASDAQ: JNIC) more than doubled from its $19 initial public offering (IPO) Wednesday as investors continued to search out firms that help manage and store electronic data. The San Diego-based company raised $93.1 million after pricing 4.9 million shares above its expected price range of $15-$17. The offering represented 22.5 percent of the company. JNI shares were about $23, or 123 percent, higher at $42 in early afternoon trading on the Nasdaq, with 4.8 million shares changing hands. JNI, a unit of Jaymark Inc., designs fiber channel hardware and software products that connect servers to data storage devices to form storage area networks (SANs). Fiber Channel technology is a new generation of server to storage communications technology that improves communication speeds. Analysts said JNI was among the leaders developing the new standard. Research firm International Data Corp. forecast the market for products based on fiber channel technology would grow to about $23 billion by 2002 from $2 billion in 1998. In general, storage area networks in demand as businesses try to handle larger amounts of data and the explosive growth projections attract investors, analysts said. "We see SANs playing a larger role. We think storage spending is going to grow by a factor of five in the next five years. There's no question it's a huge market and going to become a bigger one," said Carl Howe, an analyst at Forrester Research.