Sparks-based McCormick & Co. Inc. said yesterday that it will switch its stock next month from the Nasdaq stock market to the New York Stock Exchange in an effort to raise its visibility in the global marketplace.
The spice-and-seasonings company will list its nonvoting common stock on the NYSE beginning May 25. A ticker symbol has not yet been assigned, said Robert J. Lawless, McCormick's chairman, president and chief executive.
Until then, the company will continue trading on the Nasdaq under the "MCCRK" symbol.
"We are not displeased with Nasdaq," Lawless said. "We made an internal business decision. We like the attributes of the New York Stock Exchange."
The NYSE, the world's largest exchange, offers McCormick global visibility, more liquidity and less volatility, Lawless said. The company will also have a market specialist who will manage its stock portfolio, he said.
"All of our peer companies are listed on the NYSE. Because we are obviously in competition with them to sell our stock, we felt being on the NYSE levels the playing field," Lawless said.
McCormick shares closed yesterday at $30.25, up $1.
Legg Mason Wood Walker analyst Judith DeHoff said she believes that the company is correct in its assumptions that the change to the NYSE could garner more attention for its stock.
"It may not mean a boost to the price, but it should mean more attention," DeHoff said. "The company still has to continue to perform."
Pub Date: 4/27/99