'TOON TITAN'S IPO GETS RAVES DREAMWORKS ANIMATION STOCK IMMEDIATELY HOT TICKET ON WALL STREET.Byline: Greg Hernandez Staff Writer DreamWorks Animation SKG SKG Stichting Kwaliteit Gevelbouw (Dutch) SKG Spielberg, Katzenberg,and Geffen (DreamWorks Studios) SKG Thessaloniki, Greece - Thessaloniki (Airport Code) SKG Smith and Kraus Global Inc. made a dazzling Wall Street debut Thursday with shares of the studio behind ``Shrek 2'' and ``Shark Tale'' climbing nearly 40 percent from their initial public offering price of $28 to raise more than $800 million. Glendale-based DreamWorks Animation had originally estimated that its shares would sell in the $23-to-$25 range in the entertainment industry's first major IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in several years. Shares closed at $38.75 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. after reaching a high of $39.50 at one point Thursday. ``I think it's definitely at the high end of expectations,'' said Anthony Valencia, media and entertainment analyst with TCW TCW Total Carat Weight TCW Temporal Cold War (Star Trek Enterprise) TCW Troop Carrier Wing TCW Turnbuckle Championship Wrestling TCW Tasty Coma Wife (Scrubs episode) Group in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . ``I think there's a lot of pent-up demand. Historically, the film business hasn't always been in favor on Wall Street. Then along came Pixar, which has just performed tremendously. Now there's another alternative for investors.'' DreamWorks Animation, a spinoff from privately held parent DreamWorks SKG, has positioned itself as a rival to Pixar Animation Studios Animation studio can refer to:
DreamWorks' ``Shrek 2'' is 2004's highest-grossing movie and the most successful animated film of all time, with domestic ticket sales of $436.7 million. The film is set to make its debut on DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. on Nov. 5, the same day Pixar releases its newest film, ``The Incredibles.'' ``Shark Tale,'' DreamWorks' latest animated offering, spent three weeks this month as the nation's No. 1 movie and had grossed $138.7 million at the box office as of Wednesday. The film has been one of the few bright spots of a dismal fall season in terms of ticket sales. ``With the exception of 'Shark Tale,' things have been terrible,'' said box office analyst Paul Dergarabedian, president of Exhibitor Relations Co. ``Without 'Shark Tale,' we'd be going through one of the worst slumps ever.'' A ``Shrek 3'' film is in the works, and DreamWorks' next computer- generated feature, ``Madagascar,'' will be released in the spring. ``I think that we have reached a point today where we can successfully and creatively deliver two great stories a year in computer-generated animation,'' Jeffrey Katzenberg, the DreamWorks Animation chief executive, told the Bloomberg newswire. ``We've seen that with 'Shrek 2' and 'Shark Tale.' Our goal is to do that year in and year out.'' To mark the Wall Street debut, Katzenberg rang the opening bell Thursday at the New York Stock Exchange. Also there were Steven Spielberg Noun 1. Steven Spielberg - United States filmmaker (born in 1947) Spielberg and David Geffen who, along with Katzenberg, formed DreamWorks SKG 10 years ago. Greg Hernandez, (818) 713-3758 greg.hernandez(at)dailynews.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion