Lucent Technologies, the world's largest maker of telecommunications equipment, said Wednesday its board approved a two-for-one stock split and outlined expectations for strong future growth.
Word of the stock split, its second in 12 months, raised cheers among the 500 shareholders at Lucent's annual meeting, held at the DuPont Playhouse Theater in Wilmington, Delaware, and for a time pushed its high-flying stock price higher.
Shares of Lucent (LU) gained US$1.75 to $99.75 in heavy trading Wednesday morning on the New York Stock Exchange before giving back the gains in the afternoon. Lucent was off 50 cents at $97.50 by mid-afternoon.
The stock has surged 110 percent over the past 12 months, but has backed off since reaching an all-time peak of nearly $120 in early January.
Lucent's stock split follows similar moves earlier this year by other bellwether technology companies such as IBM and Intel.
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Brainpower and Wit: A high-profile Wall Street strategist has left the ranks of Merrill Lynch for online investment-bank upstart Wit Capital.
George M. Lieberman, former vice president and director of Technology Strategy and Planning for Merrill Lynch, will become Wit Capital's chief information officer. He joins Merrill alum Jonathan Cohen, a superstar Net analyst who signed on with Wit two weeks ago.
Wit Capital is trying to become a full-service online investment bank. It already underwrites initial stock offerings and allows customers to trade online. Soon, it plans to open its own electronic stock exchange.
Merrill Lynch, by contrast, has yet to allow its brokerage customers to make trades through the Net.
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CMGI eyes Net broadcasts: Broadcast.com is about to get some new competition.
Net holding company CMGI (CMGI) said Wednesday it picked former NBC Television president Neil Braun to build and launch an Internet broadcasting company. Braun will be backed by $100 million from CMGI.
CMGI owns several Internet companies outright, and has major stakes in several others, including Lycos and GeoCities. The company said it will commit some of its existing assets to Braun, and will create or buy others to help flesh out the new firm.
The new company will be based in New York City. CMGI expects it will launch sometime in the second quarter of this year.
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Bon voyage: Preview Travel, one of the largest online travel-booking agencies, said Wednesday its chief executive Ken Orton resigned to pursue other interests.
Preview Travel (PTVL) said the departure was an "orderly and normal" evolution as it becomes a bigger company. Orton is leaving to work with entrepreneurs and development-stage companies. He will work with Preview as a consultant on an interim basis, the company said.
The company said it will begin searching for a replacement immediately. Jim Hornthal, founder and chairman, will serve as interim chief executive.
