Deals & Deal Makers: E*Trade's Switch to Big Board Leaves Nasdaq With Bad Taste
Corrections & Amplifications</br></br>THE NEW YORK STOCK EXCHANGE asks that issuers wanting to list on the exchange have three years of profits, which add up to at least $6.5 million in total. A Deals & Deal Makers article yesterday incorrectly said the exchange asks for market capitalizations of that amount. The required market cap for companies that are joining the exchange from other markets is $100 million. (WSJ Feb. 14, 2001)</br></br>The stock of E*Trade Group Inc. goes to its new home this week, and its former stock-market landlord is still steaming.</br></br>As announced last month, shares of the Menlo Park, Calif., online brokerage firm will leave the Nasdaq Stock Market on Thursday and start trading on the rival New York Stock Exchange. Many companies have left Nasdaq for the NYSE over the years, of course, but this defection is particularly sensitive -- and not just because it's the first one of 2001 or because E*Trade has been a Nasdaq stalwart since its initial public offering of stock in 1996.</br></br>Why does it grate on Nasdaq? Officials at the electronic marketplace say they're still irked at how E*Trade chose to break the news to them.