December 21, 1999 4:45 AM PST
Qwest jumps from Nasdaq to NYSE
The telecommunications company will trade under the ticker symbol "Q" on Jan. 3, 2000, the first session of trading for the year 2000, the company said in a statement.
The Denver-based company, which has met or exceeded analysts' consensus earnings estimates for 10 straight quarters, said it is making its move to the NYSE partly because it will be associated with other large-cap, high-growth companies. It will also have wider access to and greater visibility with international investors and capital markets, Qwest said.
Last quarter, the company posted a third-quarter profit fueled by strong data and Internet services revenues. For the quarter, Qwest said revenues rose 26 percent from $807.1 million in its year-ago period to $1.02 billion, marking the company's first billion-dollar quarter.
On Jan. 3, Qwest chief executive Joseph Nacchio will ring the opening bell for trading at the NYSE, the company said.