enjoyed their first morning of trading on the
Tuesday, jumping 15%, or $2.66, to $20.21 after opening at $17.55.
The discount retailer, whose stock has been trading on the over-the-counter bulletin board since it emerged from bankruptcy last month, was approved for listing on the exchange after being suspended from the
New York Stock Exchange
in December of 2002.
"This listing is another important milestone in Kmart's recovery," said Julian Day, the company's president and chief executive officer, in a statement "Listing on the Nasdaq National Market System should enhance the trading liquidity of the new common stock and expand the number of investment management funds eligible to purchase the stock."
Kmart was suspended from the NYSE for falling below the exchange's minimum average share price of $1 for 30 days. The new stock was issued by Kmart Holding Corporation in order to pay off debts as it rebounds from bankruptcy.