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Fireye (FEYE) more than doubles on market debut, Bind drops, Goodyear pays dividend

Canadian Press, The Canadian Press
0 Comments| September 20, 2013

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NEW YORK - Shares of FireEye (NASDAQ-GS:FEYE, Stock Forum) more than doubled in their first day of trading on the Nasdaq Global Select Market.

The technology company's stock surged as high as $44.85 in Friday trading, before paring back to $43.40 at midday , up $23.40 or 117 per cent from open.

FireEye Inc. priced the initial public offering of approximately 15.2 million shares at $20 each. In a regulatory filing, the company initially planned to offer 14 million shares priced between $15 and $17 per share.

The company, which helps businesses and governments protect themselves from cyber-attacks, raised about $304 million from the offering.

FireEye is giving the underwriters a 30-day option to buy up to an additional 2.3 million shares to cover any excess demand.

Meanwhile, shares of drug developer BIND Therapeutics (NASDAQ-GS:BIND, Stock Forum) fell in its first day of trading on the Nasdaq Global Select Market.

The stock declined 49 cents, or 3.3 per cent, to $14.51 in midday trading Friday after sinking as low as $14.08 earlier.

BIND Therapeutics Inc. priced the offering of 4.7 million shares at $15 each, in the middle of the expected range.

The Cambridge, Mass. company raised $70.5 million in the offering.

BIND Therapeutics has no products on the market. It’s most advanced treatment candidate, BIND-014, is in mid-stage clinical development as a possible treatment for a form of lung cancer and an advanced form of prostate cancer. The company plans to use the offering's proceeds in part to fund BIND-014 development.

On the New York Stock Exchange, Goodyear Tire & Rubber Co. (NYSE:GT, Stock Forum) is reinstating its quarterly dividend after more than a decade. It is also starting a buyback of up to $100 million. The tire company last paid a dividend on its common stock in December 2002.

Goodyear is declaring a dividend of 5 cents per share. The dividend will be paid on Dec. 1 to shareholders of record on Nov. 1. Future dividends will be subject to board approval.

The company also said that it anticipates positive cash flow through 2016, excluding prefunding its pension.

Goodyear, based in Akron, Ohio, has 52 facilities in 22 countries. Its shares gained $1.09, or 4.9 per cent, to $23.32 before the market open.

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