Pros mop up NYSE de-listing fallout

NEW YORK: Following the New York Stock Exchange’s first loss of a listing to Nasdaq, PR pros for both companies scrambled last week to deal with the fallout.

NEW YORK: Following the New York Stock Exchange’s first loss of a listing to Nasdaq, PR pros for both companies scrambled last week to deal with the fallout.

NEW YORK: Following the New York Stock Exchange’s first loss of a

listing to Nasdaq, PR pros for both companies scrambled last week to

deal with the fallout.



Aeroflex, a Plainview, NY-based hi-tech outfit, became the first firm to

de-list with NYSE since the Securities and Exchange Commission threw out

a rule last year prohibiting NYSE companies from moving to other

exchanges.



Nasdaq moved quickly to capitalize on Aeroflex’s defection,

orchestrating two separate media events at the exchange’s Times Square

Marketsite facility. More telling, however, were the full-page ads

Nasdaq took out last week in both The New York Times and The Wall Street

Journal, which ambiguously heralded ’Another Company Switches to

Nasdaq.’



’I don’t think the headline of that ad necessarily implies companies in

New York, but more like companies listed on other exchanges,’ said

Andrew MacMillan, SVP of corporate communications at Nasdaq parent

NASD.



While he declined to comment on the ad, NYSE’s managing director of

media relations Ray Pellecchia pointed out that since January 1998, 100

companies have switched from the Nasdaq and Amex exchanges (both owned

by NASD) to NYSE. Furthermore, he added, at least 30 made the switch

since the rule change last year.



’In the past all we could do is play defense with no offense,’ countered

MacMillan. ’The volume of companies leaving has gone down, and there are

even others (at NYSE) who are considering the move as we speak.’



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