Iconic Boise Cascade Has Strong First Day On NYSE
Boise Cascade LLC is again trading publicly on the New York Stock Exchange.
CEO Tom Carlile rang the opening bell at the exchange this morning, and then watched his company’s stock jump throughout the day.
Reuters reports that shares for the Boise-based company ran up 27 percent at its high point. Shares sold for more than $26 at the closing bell. Some analysts are pointing to the company’s strong showing as a sign of a rebounding nation housing market.
But times were not always booming for the iconic wood-products maker. The Idaho Statesman reports the company lost $358 million between 2008-2011. About $25 million of the revenue from the IPO today will go to repaying debt.
As the Statesman reports, the company employs 320 Idahoans.
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