L.A. Gear Shifts Stock to Trading on NYSE
L.A. Gear, a leading maker of trendy athletic footwear whose stock has been soaring for the past year in over-the-counter trading, leaped onto the Big Board on Monday.
Appropriately enough, the New York Stock Exchange assigned the company the ticker symbol “LA.”
In its first day of trading on the exchange, the price closed at $34 a share, 62.5 cents above Friday’s last over-the-counter price. More than 483,000 shares traded hands.
Robert Y. Greenberg, L.A. Gear’s chairman, said the company felt that a listing on the NYSE would, among other things, give the company greater “national and international recognition.”
John Horan, publisher of Sporting Goods Management News, a newsletter in Yardley, Pa., said L.A. Gear is doing a good job of muscling into the market for fashionable, sporty footwear as rivals Reebok and Nike focus more on shoes for serious athletes.
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