V is now taken. Only I and M are left.
Vivendi SA adopted the first letter of its name as the New York Stock Exchange ticker symbol for its American depositary shares. The stock slid 1.9 percent in its market debut Sept. 12.
The Big Board listing was a prerequisite for the French company’s $40 billion acquisition of Seagram Co., part of its transformation into a media company from a water utility. Its stock used to trade over the counter under the symbol VVDIY.
Vivendi became the 24th NYSE company to have a one-letter ticker, and the second to adopt one so far this year. The first, Qwest Communications International Inc., also was the first ever to use Q – a letter used to designate bankrupt companies on the Nasdaq Stock Market – as its symbol. The company transferred in January from the Nasdaq.
“There’s a certain level of panache” that goes along with having a one-letter symbol, said Patrick Healy, president of Issuer Network, a Chevy Chase, Md.-based firm that advises companies on where to list shares. “It’s an integral part of a company’s image from an investor-relations perspective.”
One- to three-letter company symbols are standard on the Big Board. Companies listed on the American Stock Exchange or regional U.S. exchanges have two or three letters.
The ABCs of tickers
On the Nasdaq and the over-the-counter market, four-letter symbols are the rule. That’s why Intel Corp., the world’s largest maker of semiconductors, trades under the ticker INTC and not I. It’s also why Microsoft Corp., first among the world’s software companies, trades under MSFT instead of M.
NYSE Chairman Richard Grasso has joked about setting aside the one-letter tickers in case Intel and Microsoft decide to move their listings. The Big Board gave up the right to reserve symbols permanently, though, under a March 1999 agreement with the Nasdaq and the Amex, a Nasdaq unit.
Here are some selected companies in the A-to-Z lineup, including this year’s percentage change for the companies now trading:
A is for Agilent Technologies Inc., a Palo Alto-based maker of test and measuring equipment that Hewlett-Packard Co. spun off. It previously belonged to Sweden’s Astra AB, which merged into AstraZeneca Plc a year and a half ago. Agilent has lost 29 percent this year amid lower-than-expected profits.
B is for Barnes Group Inc., a maker of industrial products such as springs and jet-engine parts. The Bristol, Conn.-based company’s shares have risen 22 percent.
C is for Citigroup Inc., owner of Citibank and Salomon Smith Barney. The New York-based company adopted the ticker in December 1998, just after Chrysler Corp. became part of DaimlerChrysler AG and lost it. This year, Citigroup has gained 35 percent.
D is for Dominion Resources Inc., up 48 percent. The electric and gas utility, based in Richmond, Va., agreed last month to buy Northeast Utilities’ Millstone nuclear plant for $1.3 billion.
F is for Ford Motor Co., the automaker that’s now embroiled in a recall of Bridgestone Corp.’s Firestone tires. Shares of the Dearborn, Mich.-based company have lost 14 percent, reflecting a decline since the recall began.
G is for Gillette Co., the Boston-based maker of consumer products such as razors and blades. Its stock has lost 24 percent as falling sales of its Duracell batteries and the euro’s decline, among other things, have hurt earnings.
H is for Harcourt General Inc., a textbook publisher that will start an online college later this year. The Chestnut Hill, Mass.-based company’s shares have rallied 55 percent.
I last belonged to First Interstate Bancorp. The Los Angeles-based bank holding company lost the symbol after Wells Fargo & Co. acquired it in April 1996.
J is for Jackpot Enterprises Inc., a Las Vegas-based casino and slot-machine company that’s turning itself into an Internet investment firm. Its shares have risen 26 percent.
K is for Kellogg Inc., the Battle Creek, Mich.-based maker of cereals such as corn flakes. The company’s shares have declined 20 percent as it relies more heavily on discounting to lift sales.
M last belonged to MCorp, a Dallas-based bank holding company whose losses on real estate and energy loans led to its bankruptcy and acquisition by Bank One Corp. The NYSE delisted the stock in October 1993.
O is for Realty Income Corp., a real estate investment trust based in Escondido that owns retail stores across the country. Its shares have gained 10 percent.
Q is for Qwest, the Denver-based company that acquired US West Inc. in July for $44 billion in stock. It’s risen 11 percent this year.
R is for Ryder System Inc., which not only leases and rents trucks but also manages shipments for other companies. Shares of the Miami-based company have fallen 18 percent.
S is for Sears, Roebuck & Co., the biggest U.S. department-store chain, which just named services chief Alan Lacy to succeed Arthur Martinez as its president and chief executive. The Hoffman Estates, Ill.-based company has risen 16 percent.
T is for AT & T; Corp., the country’s largest provider of long-distance and cable-television service. Shares of AT & T;, based in New York, have lost 39 percent amid falling revenue from long distance and rising debt from a push into cable TV.
U is for USAirways Group Inc., which may become the next company to surrender its symbol. The Arlington, Va.-based company is the target of an $11.6 billion takeover bid from UAL Corp., owner of United Airlines. Its stock has risen 9.2 percent.
V is for Vivendi, whose American shares have lost 13 percent amid the euro’s drop. Each share represents one-fifth of a common share; the underlying stock has risen 2.9 percent for the year.
Z is for Venator Group Inc., the group’s best-performing stock this year. The New York-based owner of chains such as Foot Locker and Champs Sports has more than doubled, reflecting rising sales of athletic shoes and clothing, as well as cost cuts.
Now you know the ABCs of U.S. stock tickers. That’s a lesson Vivendi clearly learned well before making its Big Board debut.
David Wilson is a columnist with Bloomberg News.
