UPDATE: Nasdaq Scores Texas Instruments Amid Heated Listings Battle
15 Dezembro 2011 - 3:09PM
Dow Jones News
Texas Instruments Inc. (TXN) said it will transfer its stock
listing to the Nasdaq Global Market from the New York Stock
Exchange at the start of next year, ending a run of nearly 60 years
on the Big Board and giving the tech-heavy exchange a high-profile
score in the ongoing listings contest.
Both stock exchanges have battled for years to bring in, or
poach, listings by offering promotions and other incentives. Texas
Instruments is the second household name to switch to Nasdaq OMX
Group Inc. (NDAQ) this week. On Tuesday, fast-food restaurant chain
Wendy's Co. (WEN) said it was also leaving the Big Board to join
Nasdaq. The companies cited cost savings for the moves.
Texas Instruments' move to Nasdaq "is a natural fit," said Ron
Slaymaker, head of investor relations at the global semiconductor
company. Texas Instruments has been listed on the New York Stock
Exchange since 1953.
A Texas Instruments spokeswoman said the transfer would be more
cost effective, but she wouldn't disclose specific cost-saving
amounts.
Last week Texas Instruments lowered its fourth-quarter earnings
guidance, citing broadly lower demand across most of its markets.
Shares were recently up 1.3% at $28.40. The stock is down 13% this
year.
Texas Instrument shares will begin trading as a Nasdaq-listed
security on Jan. 3. It will continue to trade under the current
ticker symbol, TXN.
"It's been a privilege to serve the company and its
shareholders," an NYSE Euronext (NYX) spokesman said regarding
Texas Instruments.
The switch comes at a time of year when more companies typically
transfer their stock listings from one market to another. Annual
listing fees are typically paid at the beginning of the new
year.
Viacom Inc. (VIA, VIAB) earlier this month switched to Nasdaq
from the Big Board. The media company, which operates channels like
MTV and Comedy Central, also cited cost savings for the
transfer.
Meanwhile, Prosperity Bancshares Inc. (PRSP) late Wednesday
announced intentions to transfer listings to the New York Stock
Exchange from Nasdaq.
In addition to traditional market-quality issues such as
liquidity and bid-ask spreads, so-called visibility issues now play
a key part in the listing equation. Promotional efforts to raise
corporate profiles, including events like the NYSE's or Nasdaq's
opening bell ceremony, largely factor into a company's decisions on
where to list its stock.
Much of the rivalry between the exchanges this year has focused
on grabbing the listings of newly public companies, including the
high-profile crop of technology initial public offerings. The New
York Stock Exchange recently landed professional social-networking
site LinkedIn Corp. (LNKD), internet radio site Pandora Media Inc.
(P) and Chinese social networking site Renren Inc. (RENN).
Nasdaq scored Groupon Inc. (GRPN), social gaming company Zynga
Inc., which is expected to start trading on Friday, and the planned
Expedia Inc. (EXPE) spinoff TripAdvisor Inc.
-By Steven Russolillo and Tess Stynes, Dow Jones Newswires;
212-416-2180; steven.russolillo@dowjones.com
--Brendan Conway contributed to this report.
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