Shares in Transmeta rocketed by 115 per cent on the US startup's first day of trading yesterday, despite fresh speculation that Compaq and Toshiba have cancelled Crusoe projects.
In a note issued to customers on Tuesday, Piper Bancorp analyst Ashok Kumar claimed Compaq and Toshiba have scrapped plans to develop Crusoe-based laptops, and that Intel is now targeting the low-power market which Transmeta is focused on.
However, representatives from both Toshiba and Compaq said they are still evaluating the Crusoe chips and have not made firm decisions. Recently a Toshiba UK executive expressed doubts about Crusoe's performance claims.
Trading in Transmeta shares began at $21 on Tuesday and closed at $45.25 - putting a $5.7bn valuation on the Intel contender. Transmeta had already sold 13 million shares at $21 to institutional investors on Monday, beefing up its coffers by $273m.
The flotation is one of Nasdaq's most successful trades since the market downturn in early May. Originally Transmeta was prepared to sell the shares to institutions at between $11 and $13, but so great was the demand that the price rose steadily in the run-up to the initial public offering.
Transmeta was also given a boost on Tuesday by indications that Microsoft chairman Bill Gates is to demonstrate a Crusoe-based wireless webpad during his keynote speech at the Comdex trade show this Sunday.
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