STRATEGIC PARTNERS
October 29, 2002
MEMPHIS, Tenn. -- Transaction processor Concord EFS, Inc. (NASDAQ: CEFT) saysthat it will transfer its stock listing from the tech-heavy Nasdaq Composite Index to the New York Stock Exchange (NYSE) next month. Concord's stock will begin trading on the NYSE under the ticker symbol "CE" on Nov. 7.
In a news release, Concord chairman and chief executive Dan Palmer, said, "We believe that the NYSE listing will improve Concord's visibility among a wider base of investors while also lessening the volatility of Concord's stock for current investors."
While Concord reported third-quarter earnings of $94.3 million, up from $81.5 million in 2001's third quarter, the company also warned of a possible business slowdown.
"September volume was somewhat lower than expected. This was consistent with the overall slowdown in consumer spending, and we will be closely monitoring the economy's impact on transaction volumes in the coming months," said Concord president Edward Labry in the earnings release.
