Satellite tv company DirecTV Group announced on Thursday that it would switch its stock exchange listing to Nasdaq from the New York Stock Exchange, citing lower costs. DirecTV, whose shares will trade on Nasdaq starting December 3, is will retain its three-letter ticker symbol DTV. Previously, a company switching to Nasdaq from the NYSE would have to change its stock symbol to a a four- or five-letter symbol.
DIRECTV said the move to Nasdaq would allow it to cut costs. It is expected to come under the control of Nasdaq-listed Liberty Media Corp by the end of this year.
Nasdaq lists big technology companies like Microsoft, it is primarily viewed as a destination for small to mid-sized tech companies. The NYSE, which has attracted eight companies from Nasdaq this year, is a usuall a destination for larger established companies.
Both exchanges compete over new listings, and the NYSE has secured some high-profile technology companies this year, including VMWare Inc and Orbitz Worldwide Inc.
So DirectTV, with a market value of $27.7 billion, represents a triumph for Nasdaq. DirecTV’s main competitor, Dish Network, is already traded on the Nasdaq under the parent company Echostar Communications, symbol DISH.
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