SBD/11/Finance

CART WHEELS ITS WAY ONTO THE EXCHANGE, STOCK PRICE RISES 24%

          In its first day of trading on the New York Stock
     Exchange, the price of CART stock "rose more than" 24%
     yesterday, according to Bill Koenig of INDIANAPOLIS STAR-
     NEWS.  CART issued 4.7 million shares of stock at $16 each,
     "raising about" $75M.  With "[m]ore than" 3.7 million shares
     traded yesterday, the price "went as high as" $21 before
     ending the day at $19.9375 a share, up $3.9375 from its
     opening.  The stock is listed under the symbol OPW, "a
     reference to the open-wheel style" of CART cars (STAR-NEWS,
     3/11).  In Detroit, Dave Phillips reports that the offering
     raised $63M for CART, and that, with the money raised, the
     organization "has begun scouring North America for motor
     sports acquisitions."  CART will use "part of" the money to
     buy the Indy Lights training league, and President Andrew
     Craig said that the company "plans to buy a major open-wheel
     driving school by year-end and additional open-wheel race
     circuits."  Although Craig "declined further comment" on
     acquisitions, industry observers say "potential targets"
     include the Toyota Atlantic Championship Series, the Formula
     Ford 2000 series and the Barber Dodge Pro Series (DETROIT
     NEWS, 3/11).  Ryan Jacob, Dir of Research at the IPO Value
     Monitor, on the CART IPO: "This company is an opportunity to
     capitalize on the growing popularity of auto racing
     worldwide.  They have some of the best drivers and team
     owners in the world" (AKRON BEACON JOURNAL, 3/11). CNN's Jan
     Hopkins, on CART's debut: "Not bad for a company that lost
     more than $15 million last year" ("Moneyline," CNN, 3/10). 

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