Nasdaq Picks 15 Stocks for Decimal Conversion
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The Nasdaq Stock Market named the first 15 of its more than 5,000 stocks that will stop trading in fractions and adopt the penny as their minimum price increment in coming weeks.
The stocks--Rambus (ticker symbol: RMBS) and 13 other technology companies, as well as an oil and gas exploration outfit--will be priced in decimals starting March 12 in the first of two test programs by the No. 2 U.S. stock market.
Nasdaq must meet an April 9 deadline to start quoting all stocks in dollars and cents. The conversion is intended to simplify prices and cut investor costs by encouraging more price competition.
The New York Stock Exchange completed the transition to decimal prices on Jan. 29.
The second leg of Nasdaq’s decimal price tests will start March 26 with an additional 150 stocks.
Besides Rambus, the March 12 test includes: Brocade Communications Systems (BRCD), Commerce One (CMRC), Copper Mountain Networks (CMTN), Cree (CREE), Extreme Networks (EXTR), Inktomi (INKT), Integrated Device Technology (IDII), Micromuse (MUSE), Newport (NEWP), OpenWave Systems (OPWV), Redback Networks (RBAK), Research in Motion (RIIM), VerticalNet (VERT) and Coastal Caribbean Oils & Minerals (CCO).
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