February 2, 2000 |
Sequenom Inc., a San Diego company with no sales whose gene technology is used to treat diseases such as cancer and diabetes, tripled in its first day of trading Tuesday, giving the company a market value of $1.81 billion. Investors also snapped up initial public offerings from Turnstone Systems Inc. and Quantum Effect Devices Inc., sending the California companies' stocks up sharply. Sequenom rocketed $53.25 to close at $79.25 on Nasdaq as 8.2 million shares changed hands. The company sold 5.