Teva Dumps Nasdaq in Favor of NYSE
Generic drug giant Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA) announced Wednesday that it will move its U.S.-listed shares from the Nasdaq (NASDAQ:NDAQ) to the New York Stock Exchange (NYSE:NYX) at the end of May, Reuters reported.
Teva has had its American depository shares listed on the Nasdaq for nearly 25 years, and the Israel-based company is the biggest firm ever, by market capitalization, to defect from the Nasdaq to the Big Board. Trading is slated to begin on the NYSE under its stock symbol “TEVA” on May 30. Teva shares also trade on the Tel Aviv Stock Exchange.
According to Teva Chairman Phillip Frost, the NYSE will “provide a state-of-the-art trading platform, as well as greater market reach,” said Reuters.
Teva, the world’s largest manufacturer of generic drugs, had a recent U.S. market capitalization of about $40.5 billion, said the Wall Street Journal, citing data from FactSet Research. The company also has been diversifying into brand-name and over-the-counter drugs.
The Nasdaq reports that it has around 70 percent of U.S.-listed health-care sector stocks. For years, NYSE Euronext and Nasdaq OMX Group Inc. have offerend promotions and other incentives in an effort to poach listings from Nasdaq. Recent competition between the exchanges has centered around attempts to entice companies that have recently gone public, including some juicy technology-sector possibilities. For example, Facebook Inc.‘s initial public offering, anticipated this spring, is greatly desired by the competing exchanges.
Here’s how these stocks reacted to the news:
Teva Pharmaceutical Industries Limited (NASDAQ:TEVA): TEVA shares recently traded at $43.40, up $0.34, or 0.79%. They have traded in a 52-week range of $35.00 to $51.30. Volume today was 3,052,520 shares versus a 3-month average volume of 4,691,380 shares. The company’s trailing P/E is 14.06, while trailing earnings are $3.09 per share.
NYSE Euronext, Inc. (NYSE:NYX): NYX shares recently traded at $30.30, down $0.01, or 0.03%. They have traded in a 52-week range of $21.80 to $41.60. Volume today was 1,114,202 shares versus a 3-month average volume of 2,964,410 shares. The company’s trailing P/E is 12.85, while trailing earnings are $2.36 per share.
Nasdaq OMX Group Inc. (NASDAQ:NDAQ): NDAQ shares recently traded at $26.90, up $0.18, or 0.67%. They have traded in a 52-week range of $20.32 to $29.50. Volume today was 1,034,880 shares versus a 3-month average volume of 1,589,290 shares. The company’s trailing P/E is 12.50, while trailing earnings are $2.15 per share.
To contact the reporter on this story: Gina Smith at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org