Motorola Spinoff Companies Begin Trading
December 17 2010 - 10:48AM
Dow Jones News
As Motorola Inc. (MOT) preps for a formal split early next year,
the "when issued" shares of its spinoff companies opened for
trading Friday.
Motorola Mobility Holdings Inc. (MMI), the spinoff smartphone
division, opened at $27.50, then fell 2.8% to $25.20 in the first
90 minutes of trading. Motorola Solutions Inc. (MSI), the business
that makes public safety radios, handheld scanners and
telecommunications network gear, opened at $39.25 and rose to
$39.75.
Motorola shares fell 1% to $8.79 after the stock climbed to its
highest level in over a year during Thursday's session.
"When-issued" trading allows market participants to seek out the
market value for spinoff stocks ahead of the official split.
-By Chris Dieterich, Dow Jones Newswires; 212-416-2611;
christopher.dieterich@dowjones.com
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