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Federated to Get 'M' Ticker

TSC Staff

Federated Department Stores (FD Quote) will begin trading under the ticker symbol "M" on the New York Stock Exchange June 1 assuming shareholders approve changing the company's name to Macy's Inc.

Stockholders will meet May 18 to consider the proposal. Previously, Federated had been planning to change its name to Macy's Group.

"Macy's and Bloomingdale's are leading brands known worldwide," said Terry J. Lundgren, Federated's chairman, president and chief executive. "Changing the parent company name to Macy's, Inc., while trading our shares under the 'M' ticker symbol, will make it simple and clear for all investors to understand we are a brand-driven and consumer-oriented company."

Though membership in the single-letter club is highly coveted, several symbols that were once used remain open, including "G," "I," "J," "U" and "Z."

Currently, single-letter tickers are owned by Kellogg (K Quote), Citigroup (C Quote), AT&T (T Quote) and Ford (F Quote), among others.

The NYSE was long said to be holding "M" in reserve should the day come that Microsoft (MSFT Quote) opted to leave the Nasdaq for the Big Board. The last company with "M" as a ticker was M-Corp.

Federated's shares have traded with the symbol FD since 1992.