BANGALORE (Reuters) -
Loews Corp (LTR.N), the conglomerate
run by the billionaire Tisch family, on Monday said it will
change its New York Stock Exchange trading symbol to "L" from
"LTR," joining a handful of large companies to carry a coveted
single-letter ticker.
Chief Executive James Tisch said the change, which will
take effect June 23, will "strengthen the recognition of
Loews." It follows the tax-free split-off last week of Loews'
stake in Lorillard Inc (LO.N), the tobacco company whose
products include Newport, Kent and True.
Loews, based in New York, said it has used the "LTR" symbol
for nearly 50 years. Among the company's other businesses are
affiliate CNA Insurance Corp (CNA.N), as well as energy and
hotel companies.
Most Big Board-listed companies have three-letter tickers,
while most Nasdaq-listed companies have four-letter tickers.
One-letter tickers are thought to carry considerable
cachet. Among the holders are Ford Motor Co (F.N) (F), cereal
maker Kellogg Co (K.N) (K), giant phone company AT&T Inc (T.N)
(T) and U.S. Steel Corp (X.N) (X). Visa Inc (V.N), the world's
largest credit card network, won the "V" ticker when it went
public in March.
"There is competition for these symbols, always, but Loews
is a leading company, and the 'L' was available," said
Christiaan Brakman, a spokesman for NYSE Euronext (NYX.N), the
parent of the New York Stock Exchange.
Loews declined further comment.
The "L" ticker had been carried until May 2006 by Liberty
Media Corp, a company controlled by cable mogul John Malone,
according to Liberty Media's website. Liberty Media now trades
on Nasdaq.
A one-letter ticker is no sure means of guaranteeing a
higher stock price. Macy's Inc (M.N) shares, for example, had
through Friday fallen 45 percent since the department store
retailer took the "M" ticker on June 1, 2007, after changing
its name from Federated Department Stores Inc.
Loews' decision leaves seven currently unassigned
one-letter tickers, according to the Big Board website: H, I,
J, P, U, W and Z.
Shares of Loews rose 30 cents to $50.70 in morning trading
on the New York Stock Exchange.
(Editing by Gerald E. McCormick)