News

Palo Alto tech company's stock price soars

A Palo Alto tech company blasted out of obscurity Tuesday as its stock price soared following an initial public offering on the New York Stock Exchange.

Stock of VMware, a virtualization software and service provider, climbed from $29 Tuesday morning to nearly $59 by Wednesday afternoon.

The employees celebrated the Tuesday IPO with champagne at the company's Hillview Avenue headquarters, according to the San Jose Mercury News.

VMware, founded in 1998, has about 3,000 employees worldwide. Its products and services enable one server to function as multiple servers, saving costs, according to a company statement.

The company's opening day surpassed Google's 2004 IPO and elevated it into the largest echelon of Silicon Valley software companies, according to the Mercury News.

The stock trades under the symbol "VMW."

— Becky Trout

Comments

Posted by Resident, a resident of Another Palo Alto neighborhood
on Aug 15, 2007 at 5:17 pm

More Palo Alto Millionaires!!!


Posted by Other resident, a resident of Another Palo Alto neighborhood
on Aug 15, 2007 at 11:04 pm

Yes, and I don't want them to come to this board and start complaining about their property taxes after they sell their stock and spend 2 million dollars on a house in Palo Alto.


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