ARV Trading on American Stock Exchange
ARV Assisted Living Inc. stock began trading for the first time Monday on the American Stock Exchange.
The Costa Mesa-based provider of residences for the frail elderly selected a trading symbol--”SRS”--to stand for the seniors it serves. The stock closed at $16.38 a share, up 63 cents a share after a day of moderate volume.
ARV used to trade under the symbol ARVI on the Nasdaq market.
A company official suggested that the stock’s rise Monday may stem from interest generated by its new Amex listing. However, Frank Morgan, an analyst with Morgan Stanley Dean Witter, offered another possible explanation.
Morgan said shareholders apparently haven’t forgotten the $16.50-a-share bid the company recently received--and rejected--from its Seattle-based competitor Emeritus Corp. The stock’s Monday closing price is 12 cents shy of that bid.
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Barbara Marsh covers health care for The Times. She can be reached at (714) 966-7762 and at barbara.marsh@latimes.com
