Will Facebook switch from NASDAQ to NYSE?
David Brancaccio: The New York Stock Exchange and the NASDAQ market are like Macy’s and Gimbels used to be: very competitive. After technical snafus on the NASDAQ market marred the launch of Facebook stock, there are reports the NYSE would like to pick up the business.
Marketplace’s Scott Tong reports.
Scott Tong: Like the Mets and the Yankees, the New York Stock Exchange and NASDAQ aren’t fans of each other. And given NASDAQ’s systems failure Friday, its client Facebook might want to switch teams. Reports say Facebook and the New York Stock Exchange exchanged messages to that effect old-school style — by phone and email. Officially, the Big Board denies it.
Henry Blodget, tech analyst from the 90s, now writes the blog Business Insider.
Henry Blodget: Wouldn’t surprise me at all if some people within the New York Stock Exchange had reached out and said, ‘hey if you’re having second thoughts, we’re happy to talk.’ And at the same time the New York Stock Exchange doesn’t want to appear to be dancing on NASDAQ’s grave. So they’re obviously going to deny it officially.
What’s in it for the NYSE is stock listing fees, but more important, bragging rights. The Big Board recently landed several tech listings, to the chagrin of NASDAQ, the younger upstart — the Mets if you will. Some Wall Street watchers think a Facebook move merits a thumbs down — they say it would buy questionable PR and potentially lawsuits.
I’m Scott Tong for Marketplace.
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