Kraft Foods jumps ship from NYSE to Nasdaq
For all the grief the glitchy Facebook IPO has caused Nasdaq (or is it the other way around?), the exchange operator has still managed to woo major companies away from its competitor, the New York Stock Exchange.
Nasdaq OMX Group Inc.’s newest prize isKraft Foods Inc., which said Friday that it is abandoning NYSE to list on Nasdaq instead.
The KFT ticker will make the jump on June 26. But it won’t last long in that form: Kraft – which makes brands such as Cadbury, Maxwell House, Oreo and Trident – is in the middle of spinning off its North American grocery business.
Once that occurs, the new Kraft Foods Group Inc. will trade on Nasdaq as KRFT. A separate snack unit created by the breakup will trade as Mondelez International Inc., or MDLZ.
The move, according to Kraft, will “yield greater cost efficiencies, while providing visibility advantages for the company’s iconic brands.”
All this as Nasdaq deals with the fallout from its botched handling of Facebook’s May IPO. On Wednesday, the operator said it would set aside $40 million to repay brokerages that suffered losses.
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