In a big blow to the New York Stock Exchange, Google Inc. announced that it plans to list its stock on the Nasdaq Stock Market when it completes its widely anticipated $2.7 billion initial public offering.
The NASD announced that it has censured Piper Jaffray & Co. and fined the firm $2.4 million for engaging in improper “spinning” of initial public offerings — that is, for allocating and selling shares in hot IPOs to executives of corporations from which Piper Jaffray was seeking, or had obtained, investment-banking business.
Albert Casey, the former chairman of American Airlines who led the carrier through the early days of deregulation and moved it to Texas from New York, died at the age of 84, according to the company.
Leucadia National Corp., a holding company, announced that it plans to seek antitrust clearance to buy more than 50 percent of the shares of MCI Inc.
Auto giant DaimlerChrysler announced that it may cut 6,000 jobs and shift some production of the new C-class models outside Germany if its works council opposes deeper cost cuts, according to Reuters.