Summarized by Kent Larsen
Corvis IPO Pushes Mormon Stock Index Up in Down Market
NEW YORK, NEW YORK -- The phenomenal IPO of Fiber-Optic networking
firm Corvis pushed the Mormon Stock Index up nearly 1% last week
while other market indicators fell, reacting to fears that the
Federal Reserve will raise interest rates. Corvis, which traded for
the first time on Friday, rose 135% from its offering price of $36 a
share. The IPO and Friday's run-up also pushed the company's market
valuation to a stratospheric $27 billion, the second largest in the
Mormon Stock Index behind Dell Computer.
Because Corvis' run-up Friday was so large, the Mormon Stock Index
rose for the week. Without Corvis' performance, the index would have
fallen nearly 6.5%, reflecting the high-tech nature of half the
companies on the Mormon Stock Index. The tech-heavy NASDAQ was off
10.45% last week, while the Dow Jones Industrials and New York Stock
Exchange composite were off 2% and nearly 2.5% respectively.
Pushing the index down were some of its smaller high-tech companies.
Fonix, I-Link and Netrix all fell by more than 20% in the general
high-tech sell-off last week, with Netrix aided by a downgrade by
some analysts from "buy" to "accumulate." The Mormon Stock Index also
added a new listing, high-tech materials firm EarthShell, which also
fell for the week by nearly 10%.
Just seven of the 24 stocks in the Index were up for the week, lead
by Host Marriott and Micrel Semiconductor, both up more than 10%
following analyst upgrades.
Company | Symbol | LDS Executive | Closing Price | Change |
Albertsons | ABS | Richard L. King, President &COO | 31.0625 | down 0.2500 |
Black &Decker | BDK | Nolan D. Archbald, CEO | 37.3125 | down 1.5625 |
Caldera Systems | CALD | Ransom H. Love, CEO | 7.1250 | down 1.2500 |
Corvis Corporation | CORV | David Huber, CEO | 84.7188 | up 48.7188 |
1-800-Contacts | CTAC | Jonathan C. Coon, President &CEO | 59.0000 | up 1.2500 |
Dell Computer | DELL | Kevin B. Rollins, Vice Chairman | 43.6875 | down 8.6875 |
EarthShell | ERTH | Simon K. Hodson, CEO | 2.6875 | down 0.2813 |
Franklin Covey | FC | Stephen R. Covey, Chairman | 8.0000 | up 0.1250 |
Fonix | FONX | Steve Studdert, Chairman | 0.7656 | down 0.2344 |
First Security | FSCO | Spencer F. Eccles, Chairman &CEO | 14.6250 | down 0.1250 |
Hollywood Entertainment | HLYW | Mark J. Wattles, CEO | 7.9375 | down 1.0000 |
Host Marriott | HMT | Richard Marriott, Chairman | 11.3750 | up 1.0625 |
I-Link | ILNK | John Edwards, Chairman & CEO | 3.5625 | down 0.9687 |
Iomega | IOM | David J. Dunn, Chairman | 3.6250 | down 0.2500 |
Marriott International | MAR | J.W. Marriott, Jr., Chairman | 38.7500 | down 2.6250 |
Micrel Semiconductors | MCRL | Ray Zinn, Chairman and CEO | 48.8594 | up 4.9219 |
Myriad Genetics | MYGN | Christopher L. Wight, VP, General Counsel | 137.3750 | down 14.5000 |
Nationwide Financial | NFS | Dimon McFerson, Chairman | 36.7500 | up 1.6250 |
Novell | NOVL | Stewart Nelson, COO | 9.0312 | down 1.2813 |
Netrix | NTRX | Lynn Chapman, President &CEO | 7.6250 | down 2.1250 |
NuSkin | NUS | Most of Management is LDS, including Chairman and CEO | 5.5625 | down 0.1250 |
Ryder Systems | R | Tony Burns, CEO | 21.2500 | up 1.5625 |
Ten Fold | TENF | Gary Kennedy, President and CEO | 8.8750 | down 0.6875 |
Zions Bancorp | ZION | Harris Simmons, Chairman | 43.8750 | down 2.3125 |
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