Peace Out, Nasdaq: Oracle Moves to NYSE
Oracle (NASDAQ:ORCL), is kissing the Nasdaq Stock Market (NASDAQ:NDAQ) goodbye. The business software giant announced Thursday that it will move its share-listing to the New York Stock Exchange, marking a major victory for the NYSE, and a major desertion for the Redwood City, Calif.-based company. Via The Wall Street Journal, Patrick Healy, chief executive of Issuer Advisory Group, explains, “It’s certainly among the biggest transfers ever. The real question is what’s behind the shift.”
Nasdaq and the NYSE see-saw back and forth between victory and defeat, constantly in an ever-present battle to lure the big companies to pick their exchange to list their shares. Although Oracle’s move signifies a significant blow to Nasdaq, the exchange has had its fair share of big triumphs over the NYSE. Its success at winning over Kraft Foods (NASDAQ:KRFT) and Facebook (NASDAQ:FB) especially comes to mind. The landing of these big brand names was a major victory for the exchange, as the win not only boosted its reputation, but also allowed the NYSE to bring in more listing feeds and benefit from the revenue of the companies’ traded shares.