The Ticker

USPS wants to hike cost of stamps to 49 cents

It soon could cost 49 cents to mail a letter.

The postal Board of Governors said yesterday it wants to raise the price of a first-class stamp by 3 cents, citing the agency's "precarious financial condition" and the uncertain prospects for postal overhaul legislation in Congress.

The rate proposal must be approved by the independent Postal Regulatory Commission. If the commission accepts it, the increase would become effective Jan. 26.

Cambridge biotech shares soar in IPO

Shares of Cambridge-based Foundation Medicine surged yesterday after the company's initial public offering raised $106 million before expenses.

The stock rose 96.4 percent in its debut, closing at $35.35 a share. Foundation Medicine had offered 5.9 million shares at $18 per share, up from the expected range of $14 to $16.

Foundation Medicine offers diagnostic cancer analyses that provide patient-specific data for physicians.

MacArthur Foundation recognizes three Massachusetts 'geniuses'

Three Bay State residents — a Boston College professor and two Massachusetts Institute of Technology scientists — were among 24 people named yesterday to receive a $625,000 "genius grant" from the John D. and Catherine T. MacArthur Foundation.

Among the recipients are Robin Fleming, 57, a medieval historian at Boston College who's written extensively on the lives of common people in Britain in the years after the fall of the Roman Empire; Dina Katabi, 42, an MIT computer scientist who has worked at interfacing computer science and electrical engineering to improve the speed and security of data exchange; and Sara Seager, 42, an MIT astrophysicist creating a theoretical framework for determining the characteristics of planets outside our solar system.

The awards, given annually since 1981, are doled out over a five-year period.

THE OUTLOOK

TODAY

• Commerce Department releases second-quarter gross domestic product.
• Labor Department releases weekly jobless claims.
• Freddie Mac, the mortgage company, releases weekly mortgage rates.
• National Association of Realtors releases pending home sales index for August.

THE SHUFFLE

• Hill & Partners Inc., a full-service team of branded environment specialists, has announced Lauren DelCogliano, left, has joined the firm as sales manager. DelCogliano will develop contacts and introduce new companies to Hill & Partners, showcasing the design and management execution.

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