DirecTV Defects From Big Board
DirecTV (DTV) is changing playing fields.
The satellite TV concern says it plans to move its stock listing to the
Nasdaq
market from the
New York Stock Exchange
, effective Dec. 3.
DirecTV will retain its stock symbol of DTV, bucking the Nasdaq's tradition for symbols with four or five letters. Earlier this year, regulators agreed to allow companies with three-letter symbols to keep their tickers if they move to Nasdaq.
The Nasdaq argued for the rule as part of its quest to lure companies from the Big Board. So far, only a few companies have made the move, most notably
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DirecTV said it believes the move will create greater value for its shareholders.
"We believe that Nasdaq's vision for leadership coupled with its market structure and vast product offerings will allow for improved service for us and our investors while simultaneously reducing our costs,'' said John Rubin, senior vice president of financial planning and investor relations for DirecTV.
Shares of DirecTV were up 28 cents, or 1.2%, to $24.27.
