Fanatics, SMI Close To Track Deal Blue Cross Blue Shield Sponsors Charlotte Race SMI Sees Slight Revenue Drop In Q2 Bruton Smith Hints At $100M CMS Upgrade Bad Weather In Bristol Hurts SMI's Q1 Revenue NHMS Could Erect Lights At Fans' Request SMI Sees Ticket Sales Decrease In Q3 N.H. Motor Speedway Could Add Lights SMI Sees Revenue Decline During Q2 Bruton Smith Backs Off CMS Threat
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A WHOLE NEW MEANING TO STOCK CAR RACING
Published February 27, 1995
A new issue, Speedway Motorsports Inc., debuted on the NYSE Friday with a "solid push out of the gate," rising 5.5% from its initial offering of $18/share. The stock closed at $19/share. In betting on Speedway Motorsports, a company that owns of two racetracks in NC and GA, "investors appear to be trying to hitch a ride on the exploding popularity of stock-car racing." Analysts said they were not surprised by the stock's strong start, "given the public's passion for the sport. The issue's staying power is much less certain, however." Steve Samblis, analyst with Empire Financial Group: "Once the enthusiasts are gone, I don't think any portfolio managers are going to support the market. A lot of people are going to be buying a share and frame it on their walls." The WALL STREET JOURNAL also chronicles some of the financial problems that have plagued CEO Bruton Smith in the past (Emory Thomas, WALL STREET JOURNAL, 2/27).