Monster Worldwide (profile; site) began trading on the New York Stock Exchange today and promptly saw its stock price move up.
Monster previously traded on the NASDAQ. It’s stock price closed at $12.01 a share on that exchange Friday. Today, it ran up almost 10 percent in the first hour of trading, before settling back to $12.81 (a 6.66 percent increase over its Friday close) when this item was posted at 11:45 a.m. ET. (Current price here.)
Monster Chairman and CEO Sal Iannuzzi announced the company’s move to the NYSE during the quarterly financial conference call Oct. 30.
“We believe,” he said, “the New York Stock Exchange is a prestigious platform for Monster, a platform that is committed to integrity in governance, innovation and global growth. These are exciting times for Monster and our move to the New York Stock Exchange is consistent with the goals and strategies and values of the new Monster.”
He also announced during that call, attended by financial analysts, that he would be purchasing $1 million worth of Monster shares and CFO Tim Yates would buy $500,000 worth. Iannuzzi bought 72,000 shares on Nov. 4th at prices ranging from $13.77 to $13.99. Yates bought 36,000 shares that same day at prices ranging from $13.81 to $14.00.