February 6, 2007 > Hewlett-Packard to withdraw Nasdaq listing
Hewlett-Packard to withdraw Nasdaq listing
By Gaston F. Ceron
NEW YORK (Dow Jones/AP), Feb 02 _ Hewlett-Packard Co., one of a batch of New York Stock Exchange-listed companies that three years ago were persuaded to try a ``dual listing'' on the Nasdaq Stock Market, has decided to abandon the program and leave Nasdaq.
The Palo Alto, Calif., company said it would remain listed on the NYSE, where its shares have traded since 1961.
As a big technology company, HP may have seemed like a good fit at Nasdaq. In a statement, the company said it was withdrawing from Nasdaq because of exchange-listing fees and the administrative burden.
``The company does not believe that withdrawing its listing from Nasdaq will have any impact on the liquidity of its stock,'' it said after the end of Friday's trading session.
The loss of HP represents a blow to Nasdaq's dual-listing program, which kicked off in 2004 with six companies, including HP. Other companies were added later. Nasdaq officials saw the program as a way to promote Nasdaq's listings service and hoped that some of the companies could eventually be persuaded to switch to Nasdaq outright and leave the NYSE.
Two of the original six companies _ Cadence Design Systems Inc. and Charles Schwab Corp. _ did leave the NYSE for Nasdaq. Another, Countrywide Financial Corp., quit the Nasdaq program and stayed at the Big Board.
A Nasdaq spokeswoman, Bethany Sherman, declined to comment on HP's action Friday.
Attracting and retaining listings is important to the exchanges because they bring in listing fees and underscore their appeal as trading venues.
``HP is a valued listing and we greatly appreciate the opportunity to serve the company and its shareholders,'' said NYSE spokesman Richard Adamonis.
The Big Board is a unit of NYSE Group Inc.