United Airlines parent UAL Corp. (UAUA) and Continental Airlines Inc. (CAL) said their stock listing will be on the New York Stock Exchange as of Oct. 1, when the airlines' merger is completed.
The ticker symbol will be UAL and culminate a $3 billion stock swap that will create the world's largest airline by capacity. The company will be renamed United Continental Holdings Inc.
UAL shares are currently listed on the Nasdaq Stock Market, while Continental is on the NYSE. Monday's announcement comes as the Big Board leads Nasdaq in gaining listings from other exchanges. It also will be the home of General Motors Co., expected to be one of the biggest initial public offerings ever, when trading in that company's stock begins again in the coming months.
The merger deal comes as airlines are enjoying a recovery after suffering for two years, first from fuel price volatility and later from a steep drop in demand during the recession. UAL in July posted soaring second-quarter profit as revenue climbed on an increase in traffic. Continental swung to the black as passenger revenue per available seat mile, a key performance measure, rebounded.
UAL shares were up 1.3% at $22.24 in recent trading, while Continental added 1.6% to $23.41.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; email@example.com