United Airlines parent UAL Corp. (UAUA) and Continental Airlines
Inc. (CAL) said their stock listing will be on the New York Stock
Exchange as of Oct. 1, when the airlines' merger is completed.
The ticker symbol will be UAL and culminate a $3 billion stock
swap that will create the world's largest airline by capacity. The
company will be renamed United Continental Holdings Inc.
UAL shares are currently listed on the Nasdaq Stock Market,
while Continental is on the NYSE. Monday's announcement comes as
the Big Board leads Nasdaq in gaining listings from other
exchanges. It also will be the home of General Motors Co., expected
to be one of the biggest initial public offerings ever, when
trading in that company's stock begins again in the coming
months.
The merger deal comes as airlines are enjoying a recovery after
suffering for two years, first from fuel price volatility and later
from a steep drop in demand during the recession. UAL in July
posted soaring second-quarter profit as revenue climbed on an
increase in traffic. Continental swung to the black as passenger
revenue per available seat mile, a key performance measure,
rebounded.
UAL shares were up 1.3% at $22.24 in recent trading, while
Continental added 1.6% to $23.41.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
