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
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
’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
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.’