Martha Stewart Pins WWF in Stock Debut
Martha Stewart may not stand a chance in the ring against Stone Cold Steve Austin, but it wasn’t much of a contest on Wall Street on Tuesday.
Shares of Stewart’s company, Martha Stewart Living Omnimedia (ticker symbol: MSO), rocketed $17.56, or 98%, to close at $35.56 in their first day of trading on the New York Stock Exchange.
By contrast, shares of World Wrestling Federation Entertainment (WWFE) jumped $8.25, or 49%, to close at $25.25 on Nasdaq in their trading debut.
Stewart rang the opening bell at the NYSE, a privilege often offered to executives bringing their companies public.
The rave reception for both companies marked a ringing endorsement for a strategy skillfully employed by both: delivering a specific niche audience to advertisers--”lifestyle”--seeking women and men in the case of Stewart, and young men in the case of WWF.
Both WWF and Stewart’s company have grown explosively in the last few years, using television programs and other media.
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