Starting on October 21, 2013, shares of hotel and resort operator Marriott International Inc (MAR
) will trade on the NASDAQ Global Select Market, as the stock voluntarily moves from the New York Stock Exchange.
“We’re pleased to partner with NASDAQ as our new stock market listing. We believe this will provide us with cost-effective visibility, as well as efficient access to a portfolio of tools and opportunities to reach investors,” said Carl Berquist, Marriott’s executive vice president and chief financial officer. “While we are looking forward to our new relationship with NASDAQ, the NYSE was our listing home for many years, and they have served us well over that time.”
This a bit of a win for the NASDAQ (NDAQ) exchange, as it has faced a number of headwinds as of late. Recently, the exchange saw Oracle (ORCL) move over to the NYSE., which was a big blow. Also, the exchange has experienced a number of technical glitches that affected trading.
“Marriott International is known throughout the world as a company dedicated to the pursuit of excellence through innovation and focus on their customers,” said Bruce Aust, executive vice president, Corporate Client Group, NASDAQ OMX. “We are pleased to welcome Marriott to The NASDAQ Global Select Market and look forward to our continued partnership with the company and its shareholders.”
Marriott International shares were down 56 cents, or 1.31%, during morning trading on Monday. The stock is up 12.96% year-to-date.
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