Stock switches from N.Y. Stock Exchange
News Corp. stock, which has fallen 58% in 2008, will soon be traded only on the Nasdaq.The switch from the New York Stock Exchange, effective Dec. 29, aims to take advantage of the newer exchange’s more advanced trading technology. The conglom’s Class A common stock will trade under the symbol NWSA and Class B common stock will trade under NWS. “Our move to Nasdaq will ensure that our stockholders have access to the most current trading technology possible,” said Reed Nolte, senior veep of investor relations. “We are confident that Nasdaq broad offerings and exceptional service, coupled with a cost-effective structure, will provide more value for our stockholders.” Shares surged more than 7% Tuesday to close at $8.92, part of a broad market rally sparked by the Federal Reserve’s historic interest-rate cut.
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