NYMEX (NMX) did price its long-awaited and well above average demand IPO. It priced 6.5 million shares at $59.00. The original terms were 6 million shares at $48.00 to $52.00, and then was bumped to 6.5 million shares with a higher $54.00 to $57.00 range. The deal was definitely set to price higher because of all the exchange hype, but it would seem that there is some money being left on the table here.It is definitely discussed as having a premium to its above the already raised range, but the question remains as to how much higher. Some are thinking $5.00 higher, some $10.00 higher, and Jim Cramer even said he thinks it is a buy at $20.00 higher (from the $57 area anyway). The opening print will be one to watch regardless. The first indications were for $78 to $80, but who knows if that is right or real.Sorry for the lack of a background on the NYMEX, but it has been covered so much that it would seem like it is from the Department of Redundancy Department.InterContinental Exchange (ICE) is trading up 0.6% at $95.20 pre-market, and it is up from under $85.00 just last Friday. NYSE (NYX) is trading up 0.25% at $94.01 pre-market, although that is only about $1.00 than last Friday. The Chicago Mercantile Exchange (CME) is up 0.55% at $543.00 pre-market, and that stock was actually under $500.00 last Friday. NASDAQ (NDAQ) stock is flat pre-market at $36.45 and is actually in-line to under where it was last Friday. Some of these other exchanges have enjoyed some serious runs in the last week, so it makes you wonder what will happen to them after the NYMEX IPO prices.Other potentially related shares that could get secondary or tertiary actions if this just gets ridiculous are the following: Investment Technology Group (ITG), eSpeed (ESPD), and International Securities Exchange (ISE), OptionsXpress (OXPS), MarketAccess (MKTX) and others.Get ready for a wild day in exchange stocks trading.Jon C. OggNovember 17, 2006
NYMEX Debuts, Watch Other Exchanges Too
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
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