Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: jmanvegas who wrote (71243)	4/26/2000 5:55:00 PM
From: William Hunt	Read Replies (2) \| Respond to of 152472

Thread ---talk about a waste of money if they stay with TDMA : AT&T Wireless Raises $10.62 Bln in Biggest U.S. IPO (Update1) By Per Jebsen New York, April 26 (Bloomberg) -- AT&T Corp.'s wireless unit raised $10.62 billion in the biggest U.S. initial public offering as investors bet the third-largest wireless network is poised to benefit from surging cell phone use. The New York-based company sold 360 million ``tracking'' shares at $29.50 each, the midpoint of the expected range of $26 to $32 set by Goldman, Sachs & Co., Merrill Lynch & Co., and Salomon Smith Barney Inc. The underwriters earned $318 million based on a 3 percent fee. The sale of the 16-percent stake gave the company, ATT Wireless Group, a market value of $68.15 billion. Completing the sale as the shares of competitors such as Nextel Communications Inc. sagged underscored demand for a business whose earnings doubled to $430 million in the first quarter. ``This is a company that will be here in five or 10 years unlike the vast majority of Internet IPOs,'' said David Menlow, president of IPOfinancial.com. ``AT&T has national and international recognition.'' The sale of tracking shares, which convey an economic but not ownership interest in the unit, surpassed United Parcel Service Inc.'s U.S.-record $5.5 billion IPO last year. Size AT&T's wireless unit is the third-largest wireless network in the United States based on its 12.2 million subscribers. The unit includes AT&T's voice and data wireless business, interests in international wireless companies, and its wireless operations that provide local phone services. Use of wireless communications is expanding rapidly. The number of wireless phone users grew by 16.8 million last year, the biggest single-year gain, to reach almost one-third of all Americans. There were 86.1 million customers subscribing to wireless services last year, a 24 percent increase from 1998, according to the Cellular Telecommunications Industry Association. Wireless phone companies are expanding the capabilities of wireless devices to include Internet access and other data services to capitalize on rapid growth. Consumers used their wireless devices an average of 180 minutes a month last year, compared with 130 minutes in 1998, the group said.