This is obnoxious when companies do this. Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) is trying the hat trick where it changes exchange listings. Now the company plans to transfer the ADR listing to the New York Stock Exchange from the NASDAQ Global Select Market (NASDAQ).
Another pet peeve is when NYSE listed shares have 4-letter tickers and/or when NASDAQ listings have 3-letter tickers. The stock will begin trading on the New York Stock Exchange on May 30, 2012 under its current stock symbol “TEVA.”
Teva’s real problem is that its stock has been stuck, and now the question is whether the value today represents just the value of the generics business. It is highly unlikely that the exchange listing has had anything to do with this. At $43.24 the market value is roughly $38 billion. This one has been a dud over the last year and the 52-week trading range is $35.00 to $51.30 and analysts have a consensus price target objective of $52.75.
JON C. OGG