(By Salman - iStockAnalyst Writer)
LogMeIn (NASDAQ: LGOM)
Founded in 2004,
LogMeIn provides small businesses and consumers with on-demand, remote-connection services and gets most of its revenue through subscriptions.The company sells software that helps businesses and consumers gain access to their computers remotely by using the Internet, competing against Citrix Systems Inc, Microsoft Corp and Cisco Systems Inc's WebEx Communications Corp.
On Wednesday, the Woburn, Massachusetts, company's shares opened at a 25 percent premium over the IPO price, and rose as much as 31 percent on Nasdaq before ending 2 cents above the $20 start price.
LogMeIn's backers include Intel Capital, and venture capital firms Prism Venture Partners and Polaris Venture Partners. The IPO was led by JP Morgan Chase & Co and Barclays Capital, Barclays Plc's investment banking arm.It was the 10th IPO out of 11 this year to jump in its inaugural session, with technology companies making the strongest starts.LogMeIn made the fourth best debut in 2009, tying with Chinese video games maker Changyou.com
According to financial data filed by LogMeIn with the Securities & Exchange Commission, the company earned $2.1 million or 11 cents a share in the first three months of 2009. Revenue soared 73 percent from a year earlier to $17.2 million.
The company has built strong brand identity in recent years.Despite stiff competition from Citrix Systems Inc, Microsoft Corp and Cisco Systems Inc's WebEx Communications Corp., the technology firm has racked up over 22 million registered users.
Oshkosh Corp. (NYSE: OSK)
Oshkosh Corporation designs, manufactures, and markets a range of specialty vehicles and vehicle bodies worldwide. It operates in four segments- Access Equipment, Defense, Fire and Emergency and Commercial.
Military vehicles manufacturer
Oshkosh Corp. (NYSE: OSK) on Tuesday announced that it bagged a $1.06 billion contract from the U.S. Department of Defense to supply 2,244 armored fighting vehicles for the U.S. Army. The contract has the potential to more than quadruple and the Department of Defense has indicated the total quantity could rise to 10,000.The Pentagon is expected to place a second order with Oshkosh valued at about $1.8 billion for 3,000 more vehicles by the end of July.