Knowles Corp. (KN) started its life as a publicly traded company on a rocky note Monday morning. The acoustic equipment maker began trading as a standalone company after spinning off from parent Dover Corp. (DOV).
Dover shareholders received one share of Knowles stock for every two shares of Dover held by the shareholder on February 19. About 85 million shares of Knowles stock were distributed.
Knowles has a leading position in micro-electro-mechanical systems microphones, speakers and receivers that are used in smartphones, tablets and mobile handsets. The company has been in business for more than 65 years, and its microphones have traveled to Mars (on the Mars Rover) and to the moon with Neil Armstrong in 1969.
Shares traded down Monday, along with just about every other stock, but on Friday traded up 7% in limited trading as KN.wi. The stock was down about 4.5% at $30.68, after opening at $31.23.
Shares of Dover Corp. were up about 0.25%, at $78.41 in a 52-week range of $67.45 to $97.00.