A123 Surges in First Day on Electric-Vehicle Demand
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A123 Systems Inc., a maker of automotive battery systems, soared in the first day of trading on optimism that the market for electric vehicles will surge with government incentives.
A123 rose $6.79, or 50 percent, to $20.29 in Nasdaq Stock Market composite trading of more than 41 million shares. Morgan Stanley & Co. and Goldman, Sachs & Co. managed the sale of 28.2 million shares that raised about $380 million for the Watertown, Massachusetts-based company and its investors.