NEW YORK ( TheStreet) -- Juniper Networks (JNPR - Get Report) is shifting its listing from the Nasdaq (NDAQ - Get Report) to the New York Stock Exchange Euronext (NYX), as the two trading heavyweights battle for clients.
The networking specialist announced the move after the market closed Tuesday, explaining that many of its main partners and customers are already NYSE listed. Juniper rivals Alcatel-Lucent (ALU - Get Report) and Hewlett-Packard (HPQ - Get Report) also trade on the NYSE, and the switch maker has already clinched a major deal to supply its technology to the exchange.
Juniper expects to begin NYSE trading Oct. 29 under its current "JNPR" ticker symbol. Shares of the Sunnyvale, Calif.-based firm crept up 4 cents, or 0.15%, to $26.99 Wednesday, as the Nasdaq slipped 0.08%.
The networking firm's shift comes at a time when the two exchanges are going head to head for new client listings. Revenues from listings and data feeds account for up to 35% of the exchanges' overall revenues, according to Reuters, and an improving economy means intensified competition.With more than 8,000 listed companies, the NYSE dwarfs the Nasdaq's tally of just over 3,700, although the NASDAQ OMX Group says that demand is increasing. The exchange has 171 listings in the pipeline from sectors such as biotech, technology, and social media, according to a statement released Wednesday. The Nasdaq has won over a dozen IPOs this year, raising $4.2 billion, including recent high-profile offerings from Shanda Games (GAME), Changyou.com (CYOU) and A123 SYSTEMS (AONE). Insurance-risk specialist Verisk Analytics on Tuesday issued the biggest initial public offering by a U.S. company since Visa (V) March 2008 offering, raising $1.88 billion on the Nasdaq, higher than the $1.7 billion expected.