Oracle to move listing to Big Board from Nasdaq in coup for NYSE
NEW YORK, June 20
NEW YORK, June 20 (Reuters) - Oracle Corp said on Thursday it was moving its stock listing to the New York Stock Exchange from Nasdaq OMX Group's main U.S. exchange, a major coup for NYSE Euronext, as it lands the largest-ever U.S. market transfer.
Oracle, which has a market capitalization of around $160.6 billion, announced the move in an earnings statement, saying the directors of the world's No. 3 software maker determined the move "would be in the best interests of its stockholders, customers and partners."
Oracle expects to begin trading on the NYSE on July 15 and in the meantime will continue to trade on the Nasdaq, where it is the fourth-largest stock in the Nasdaq 100 Index.
"We wish them well in the future," said Nasdaq spokesman Joe Christinat. "Nasdaq offers a low-cost value proposition that has delivered one of the most liquid stocks in the world, Oracle, which grew nearly 10,000 percent while listed on the Nasdaq."
The NYSE declined to comment.
Traditionally, Nasdaq had a lock on technology company listings, and NYSE on blue-chip stocks, but both have made gains into each others' respective territories in recent years.
The turf war for marquee tech names heated up last year ahead of Facebook Inc's long-awaited market debut, with the chief executives of both exchanges reportedly flying to California to woo the management of the social network.
Last June, Kraft Foods moved to Nasdaq from the NYSE in what was, until Oracle's announcement, the biggest company to ever switch exchanges, with a market cap at the time of $68 billion. Other big wins for Nasdaq have included Texas Instruments Inc, Western Digital Corp and Analog Devices Inc.
Companies that have switched to the NYSE from Nasdaq include Monster Worldwide, Infosys, and Charles Schwab Corp.