Qwest to Move From Nasdaq to NYSE

Qwest Communications International Inc., the long-distance telephone company merging with US West Inc., said Tuesday it will switch the listing of its shares to the New York Stock Exchange on Jan. 3, the latest defection of a technology company from the Nasdaq Stock Market.

The two markets compete intensely for the listing of companies, with the exchange poaching many of Nasdaq’s leading names, including America Online Inc. and Gateway Inc., as well as smaller stocks such as ResMed Inc.

Several of this year’s biggest tech initial public offerings--including Agilent Technologies Inc. and Genentech Inc.--have also opted for the NYSE.

But Nasdaq, which bills itself as the stock market for the next century, remains more tech-oriented. This year’s tech stock rally has sent the Nasdaq composite index up an unprecedented 78%, while the NYSE composite has risen just 6%.

And Nasdaq has retained most of its biggest stars, such as Microsoft Corp. and Intel Corp., despite the exchange’s efforts to sway them.

Denver-based Qwest said it’s moving to the NYSE to lessen the volatility of its share price, give it wider access to capital markets and encourage a greater depth of trading in its shares.

Qwest’s shares will trade under the ticker symbol Q--the first time in the exchange’s 207-year history that the single letter will be used.

Shares of Qwest rose $3.31 to close Tuesday at $44, up 76% this year. Denver-based US West, which provides local phone service in 14 Western states, rose $4.06 to $72.63 on the NYSE.