Hospira begins trading as Abbott spinoff

NEW YORK (CBS.MW) — Hospira shares debuted for trading Monday on the New York Stock Exchange as a spinoff from Abbott Laboratories.

Lake Forest, Ill.-based Hospira
bills itself as one of the largest U.S. hospital products manufacturers, specializing in pharmaceuticals and medication delivery devices.

Hospira was formed “to create a strong, independent company focused on serving the hospital industry,” the company said.

Hospira generates an estimated $2.5 billion in annual sales and has 14,000 employees as well as 14 manufacturing sites worldwide.

Shares of Hospira opened at $28.50. The stock fell to $26.99 in recent action.

Meanwhile, Abbott
rose 2.7 percent to $42.28.

China Life shares hit on alleged probe

Shares of China Life
traded down 1.6 percent to $21.60, near a 52-week low of $20.92, amid reports in the Hong Kong press that the insurance giant is facing fresh probes by regulators into allegations that relatives of senior executives received preferential share allocations in the company’s December IPO, according to a report by Dow Jones on Monday.

A China Life official said he’s not aware of any such regulatory probe, Dow Jones reported.

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The reports came just days after the Securities and Exchange Commission launched an informal probe into the company’s accounting.

International Securities Exchange eyes IPO

International Securities Exchange, Inc., which bills itself as the world’s largest equity options exchange, said Monday it’s planning an initial public offering in the second half of 2004, subject to Securities and Exchange Commission effectiveness and the receipt of necessary regulatory approvals.

In March, the exchange reported 32 percent market share, up from 27 percent in the year-ago period. The exchange traded 31.3 million equity options in March, up 86 percent.

Memec files $100 million IPO

Chip distribution firm Memec filed a $100 million initial public offering with underwriters CS First Boston and Goldman Sachs. The San Diego firm plans to trade on the New York Stock Exchange under the ticker, “MEC.”

Memec rang up an $86 million net loss and revenue of $1.8 billion in 2003, compared with a loss of $85 million and revenue of $1.7 billion in 2002. Memec is a leading global semiconductor demand creation distributor servicing the electronics industry, with more than 2,400 employees.

Originally founded in 1974, the company operated from 1991 to 2000 as a unit of Veba Electronics Group, the worldwide electronic component distribution unit of the German energy and chemical conglomerate E.ON AG. In October 2000,

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Memec was acquired in a management buyout supported by the senior management team and Schroder Ventures.

View more information: https://www.marketwatch.com/story/hospira-begins-nyse-trading-as-abbott-spinoff

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