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Article: Hyatt Hotels rises from IPO price in debut on NYSE
- Article from:
- AP Worldstream
- Article date:
- November 5, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Shares of Hyatt Hotels Corp. traded higher Thursday in the iconic hotel chain's first day on the New York Stock Exchange, with investors appearing to dismiss concerns about infighting among its founder's heirs and tepid hotel reservations around the world.
Hyatt's stock gained $1.96, or 7.8 percent, to $26.96 in morning trading.
The company, based in Chicago, raised $950 million in its initial public offering. It priced late Wednesday at $25 a piece, near the top end of the $23 to $26 range.
The stock's upbeat trading is a welcome sight for the market, which has watched many IPOs fall short of expectations, including Dole Food Co. and AGA Medical Holdings Inc. Dole ...