NASDAQ Announces Dual Listing Program with Six Participating Companies
January 12 2004 - 8:04AM
PR Newswire (US)
NASDAQ Announces Dual Listing Program with Six Participating
Companies NEW YORK, Jan. 12 /PRNewswire-FirstCall/ -- The Nasdaq
Stock Market, Inc. ("NASDAQ;" OTC Bulletin Board: NDAQ) today
announced its dual listing initiative and concurrently the decision
of six New York Stock Exchange companies to dually list their stock
on the NASDAQ(R) and the NYSE. The six companies, the first to list
on both markets under this program, are Apache Corporation ,
Cadence Design Systems , The Charles Schwab Corporation ,
Countrywide Financial , Hewlett- Packard and Walgreens . "We can
provide a unique opportunity for public companies to trade on
NASDAQ and to experience the benefits of an electronic model with
multiple, competitive participants," said Bob Greifeld, president
and chief executive officer of The NASDAQ Stock Market. "The
companies who intend to dual list with NASDAQ are leaders across a
diverse range of industry types. We believe that through dual
listing, these companies will have greater access to the benefits
of highly efficient trading in a highly transparent environment."
"This is an innovative concept that ratchets up the debate
regarding the quality of the trading environment for securities -
and what is best for shareholders," said Jeffrey Sonnenfeld,
associate dean, Yale School of Management. Sonnenfeld continued,
"This is certainly an option that CEOs and their Boards will need
to examine as they evaluate trading in their stock." Companies
wishing to dual list on NASDAQ must meet National Market listing
standards. Firms listing on NASDAQ as well as the NYSE will trade
under the same three-letter symbol on both markets. The six
companies making the announcement today, with a total market
capitalization of approximately $156 billion, are the first stocks
to participate in NASDAQ's new dual listing program. NASDAQ is the
world's largest electronic stock market. With approximately 3,300
companies, it lists more companies and, on average, trades more
shares per day than any other U.S. market. It is home to
category-defining companies that are leaders across all areas of
business including technology, retail, communications, financial
services, media and biotechnology. For more information about
NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com/ or the
NASDAQ Newsroom(SM) at http://www.nasdaqnews.com/. DATASOURCE: The
Nasdaq Stock Market, Inc. CONTACT: Michael Polzin of Walgreens,
+1-847-914-2925, or ; or Brian Humphries of Hewlett-Packard,
+1-650-857-3342, or ; or Rick Simon of Countrywide Financial,
+1-818-871-5399, or ; or Jennifer Hallahan of Charles Schwab &
Co. Inc, +1-212-804-3668, or ; or Giovanni Rodriguez of Eastwick
Communications, +1-650-480-4021, mobile: +1-650-279-8415, or , for
Cadence Design Systems; or Tony Lentini of Apache Corporation,
+1-713-296-6227, or ; or Bethany Sherman, +1-212-401-8714, or
Silvia Davi, +1-646-441-5014, both of NASDAQ; or International:
Peter Yandle of NASDAQ, +44-207-825-5544 Web site:
http://www.nasdaqnews.com/ http://www.nasdaq.com/
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