Martha, WWF: Wall St. Goes Pop
All the eyes of the financial community will be on Wall Street today when dueling CEOs Vince McMahon, of the World Wrestling Foundation, and Martha Stewart both take the plunge into the highly lucrative public equity market. Shares of Martha Stewart Living Omnimedia and the World Wrestling Federation Entertainment Inc. are scheduled to start trading in highly anticipated initial public offerings. (Martha will even ring the bell to open the New York Stock Exchange.) The pair evidently weren't discouraged by a dismal stock market last week or Monday's volatility. Demand appears to be strong for both franchises, as evidenced by the pricing Monday. About $7.2 million in shares of Martha Stewart, the doyenne of house and home, were priced at $18 each -- at the top of an estimated $16-$18 range. The WWF, bastion of chokeholds and vociferous hulks, is selling $10 million shares at $17 apiece -- more than the top of its $14-$16 range.