NASDAQ Announces
Dual Listing Program with
Six Participating Companies
New
York, N.Y.The
Nasdaq Stock Market, Inc. ("NASDAQ;" OTCBB:NDAQ) today
announced its dual listing initiative and concurrently the decision
of six New York Stock Exchange companies to dually list their
stock on the NASDAQ® and the NYSE. The six companies, the first
to list on both markets under this program, are Apache Corporation
(NYSE: APA), Cadence Design Systems (NYSE: CDN), The Charles Schwab
Corporation (NYSE: SCH), Countrywide Financial (NYSE: CFC), Hewlett-Packard
(NYSE: HPQ) and Walgreens (NYSE: WAG).
"We
can provide a unique opportunity for public companies to trade
on NASDAQ and to experience the benefits of an electronic model
with multiple, competitive participants," said Bob Greifeld,
president and chief executive officer of The NASDAQ Stock Market.
"The companies who intend to dual list with NASDAQ are
leaders across a diverse range of industry types. We believe
that through dual listing, these companies will have greater
access to the benefits of highly efficient trading in a highly
transparent environment."
"This
is an innovative concept that ratchets up the debate regarding
the quality of the trading environment for securities - and
what is best for shareholders," said Jeffrey Sonnenfeld,
associate dean, Yale School of Management. Sonnenfeld continued,
"This is certainly an option that CEOs and their Boards
will need to examine as they evaluate trading in their stock."
Companies
wishing to dual list on NASDAQ must meet National Market listing
standards. Firms listing on NASDAQ as well as the NYSE will
trade under the same three-letter symbol on both markets.
The six companies making the announcement today, with a total
market capitalization of approximately $156 billion, are the
first stocks to participate in NASDAQ's new dual listing program.
NASDAQ
is the world's largest electronic stock market. With approximately
3,300 companies, it lists more companies and, on average, trades
more shares per day than any other U.S. market. It is home to
category-defining companies that are leaders across all areas
of business including technology, retail, communications, financial
services, media and biotechnology. For more information about
NASDAQ, visit the NASDAQ Web site at www.NASDAQ.com
or the NASDAQ Newsroom SM at www.nasdaq.com/newsroom.
Company
Public Relations Contacts:
Apache
Corporation
Tony Lentini
713-296-6227
tony.lentini@apachecorp.com
Giovanni
Rodriguez
Eastwick Communications
For Cadence Design Systems
650-480-4021
650-279-8415 (mobile)
Giovanni@eastwick.com
Charles
Schwab & Co. Inc
Jennifer Hallahan
212-804-3668
jennifer.hallahan@schwab.com
Countrywide
Financial
Rick Simon
Countrywide Financial
Rick Simon
818-871-5399
rick_simon@countrywide.com
Hewlett-Packard
Brian Humphries
650-857-3342
brian.j.humphries@hp.com
Walgreens
Michael Polzin
847-914-2925
michael.polzin@walgreens.com