News Brief
Dial 'M' For Macy's, Inc. On New York Stock Exchange
Mar 29, 2007, 5:00 AM
Shares of Federated Department Stores, Inc. stock begin trading under the ticker symbol "M" on the New York Stock Exchange, effective June 1, assuming shareholders approve.
Also, Federated's board of directors will ask shareholders to approve a corporate name change to Macy's, Inc. instead of Macy's Group, Inc. Terry J. Lundgren, Federated's chairman, president and CEO said, in a release, that the change makes sense given global recognition of the Macy's name and the fact that Macy's represents 90% of Federated's corporate revenue.
"...Trading our shares under the 'M' ticker symbol will make it simple and clear for all investors to understand we are a brand-driven and consumer-oriented company," he said, adding that the change reinforces a recent expansion of the Macy's brand. Federated's shares have traded under the ticker symbol "FD" since 1992.
--Karl Greenberg
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