As Motorola Inc. (MOT) preps for a formal split early next year, the "when issued" shares of its spinoff companies opened for trading Friday.

Motorola Mobility Holdings Inc. (MMI), the spinoff smartphone division, opened at $27.50, then fell 2.8% to $25.20 in the first 90 minutes of trading. Motorola Solutions Inc. (MSI), the business that makes public safety radios, handheld scanners and telecommunications network gear, opened at $39.25 and rose to $39.75.

Motorola shares fell 1% to $8.79 after the stock climbed to its highest level in over a year during Thursday's session.

"When-issued" trading allows market participants to seek out the market value for spinoff stocks ahead of the official split.

-By Chris Dieterich, Dow Jones Newswires; 212-416-2611; christopher.dieterich@dowjones.com
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