WideOpenWest shares drop almost 3% in their New York debut on Thursday

May 26, 2017 9:10 am

Shares of WideOpenWest Inc retreated almost 3% during their debut in New York on May 25th. The company, based in Englewood, Colorado, was the first telecom entity to become publicly traded in 2017, Renaissance Capital, a firm managing IPO-focused exchange traded funds, said.

Shares fell 2.94% ($0.50) to close at $16.50 on Thursday, after touching an intraday low at $16.00 and an intraday high at $17.20.

WideOpenWest Inc raised almost $310 million in the initial public offering, as 18.24 million shares were valued at $17.00 each, or below initial expectations. In comparison, the company had projected to offer 19.05 million shares at a price within the range between $20 and $22 per share.

Credit Suisse and UBS Investment Bank were lead joint book-running managers for WideOpenWest’s IPO.

As of March 31st, the telecom company had more than 780 000 subscribers to its services.

Meanwhile, WideOpenWest’s net earnings were reported at $72.4 million during the three-month period ended on March 31st, while its total subscription revenue shrank 2.2% to $260.5 million.

Daily Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the WideOpenWest stock are presented as follows:

R1 – $16.61
R2 – $16.72
R3 (Range Resistance – Sell) – $16.83
R4 (Long Breakout) – $17.16
R5 (Breakout Target 1) – $17.55
R6 (Breakout Target 2) – $17.74

S1 – $16.39
S2 – $16.28
S3 (Range Support – Buy) – $16.17
S4 (Short Breakout) – $15.84
S5 (Breakout Target 1) – $15.45
S6 (Breakout Target 2) – $15.26

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