Viacom to Replace Teva Pharmaceutical on Nasdaq-100 Index
Viacom Inc. (VIAB) was picked to replace Teva Pharmaceutical Industries Ltd. (TEVA) in the Nasdaq-100 Index (NDX), six months after the company moved its stock listing to the Nasdaq Stock Market from the New York Stock Exchange.
The media company that owns Paramount film studio, MTV, Nickelodeon and Comedy Central will join the index before the start of trading on May 30, Nasdaq OMX Group Inc. said in statement yesterday. Viacom (VIA), based in New York, has a market value of $25.1 billion, compared with a median of about $11 billion for companies in the index, according to data compiled by Bloomberg.
The Nasdaq-100 serves as the basis for the PowerShares QQQ Trust, the U.S. exchange-traded fund with the third-highest average daily trading volume in the past 30 days, according to data compiled by Bloomberg.
The exchange operator is facing a fallout from Facebook Inc. (FB)’s initial public offering after computer systems used to set the opening price were overwhelmed by order cancellations and updates.
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