Name Changes Abound for 2002
Mergers, spinoffs and name changes as the new year arrives--including the return of U.S. Steel as a separate company--again will affect stock listings.
U.S. Steel, one of America’s economic stalwarts in the mid-20th century, will come back as a stand-alone entity as a result of a tax-free spinoff from USX Corp.
USX, which comprised Pittsburgh-based USX-U.S. Steel Group and USX-Marathon Group of Houston, will change its name to Marathon Oil Corp.
The New York Stock Exchange tickers will remain X and MRO, respectively, and they will appear in Associated Press composite stock tables as USSteel and Marathon.
Other changes include:
* Shamrock Logistics LP, (ticker symbol: UDL) a San Antonio-based transporter of refined products, will change its name to Valero LP (VLI) upon completion of a merger between Valero Energy Corp. (VLO) and Ultramar Diamond Shamrock Corp. (UDS). The new company will appear in the stock tables as ValeroLP.
* Jacksonville, Fla.-based Modis Professional Services Inc. (MPS) will become MPS Group Inc. The stock will be listed as MPS Grp. Its ticker symbol remains the same.
* After acquiring Masonite Corp. from International Paper Co. (IP), Premdor Inc. (PI), an Ontario, Canada-based maker of interior and exterior doors, will change its name to Masonite International (MHM). It will appear as Masonite g in the tables, with the “g” denoting a Canadian company.
* Public Service Co. of New Mexico is now trading as a holding company named PNM Resources. PNM Res will be the stock abbreviation, which was effective at the opening of trading Monday. The ticker is PNM.
* Shareholders of Chicago-based FMC Corp. (FMC) will receive 1.7197 shares of FMC Technologies (FTI) in a tax-free distribution. FMC Corp.’s stock price will be reduced from $59.50 to $31.21, based on the closing prices of Dec.31.
* RailAmerica Inc., a Boca Raton, Fla.-based freight hauler, is moving to the NYSE from the Nasdaq Stock Market. The ticker will change from RAIL to RRA and the stock abbreviation will remain RailAm.
* Gentner Communications Corp. (GTNR) will change its name to ClearOne Communications Inc., but will keep its ticker symbol. The abbreviation for the Salt Lake City-based telecommunications company will be ClearOne.
* Tekgraf Inc. (TKGF), a Vernon Hills, Ill., distributor of wide-format printers and scanners, is changing its name to Centiv Inc. (CNTV). Stock tables will use Centiv.
* Citadel Holding Corp. (CDL/A and CDL/B) a Los Angeles-based entertainment concern with holdings in California citrus farms, is changing its name to Reading International Inc. (RDI). The abbreviated names will be ReadgIntA and ReadgIntB for its two classes of common stock.
Citigroup Takes Crown
in Wall St. Underwriting
Citigroup Inc. became Wall Street’s largest underwriter of stocks and bonds in 2001, ending Merrill Lynch & Co.’s 11-year run at the top, Thomson Financial Securities Data said Monday.
Citigroup’s Salomon Smith Barney unit arranged $486.9 billion of securities sales, capturing 12% of a $4.08 trillion market. Merrill Lynch placed second, with $432.7 billion of sales and a 10.6% market share.
Salomon, which will adopt the Citigroup name next quarter, has won more underwriting assignments by bundling them with less profitable services such as credit lines, analysts said. Citigroup was formed in 1998 when bank holding company Citicorp merged with insurance giant Travelers Group to give consumers a one-stop “supermarket” for a variety of financial services.
Credit Suisse First Boston, a unit of Credit Suisse Group, was third with $346.9 billion of sales.
The investment banks set records despite seeing business grind to a halt for much of September, following the attacks of Sept. 11.
Though underwriting of new stock issues declined, Wall Street did huge business in 2001 helping companies borrow via bond offerings. Many companies issued new bonds at lower yields, to refinance older, higher-cost debt.
Issuance of investment-grade and convertible debt soared to $638.5 billion and $103.4 billion, respectively. Both were records.
Reuters
