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UPDATE: Nasdaq Now Says ‘Connectivity Issue’ Caused Three-Hour Trading Halt But Offers No Specifics

By | Thursday August 22, 2013 @ 4:14pm PDT

3RD UPDATE, 4:14 PM:  Nasdaq now has issued a revised statement blaming today’s three-hour hiccup on “a connectivity issue,” but it adds that “The cause of the issue has been identified and addressed.” Read the full revised statement after the jump:
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NYSE And Nasdaq To Reopen Wednesday; CNN, Weather Channel Retract False Report Of NYSE Flooding

By | Tuesday October 30, 2012 @ 9:58am PDT

UPDATES: Both U.S. exchanges reported no damage from the storm, which last night pushed a sea surge well into Lower Manhattan and flooded the financial district around Wall Street. The floor and building of the NYSE “are fine,” Robert Rendine, a spokesman, wrote in an e-mail to Bloomberg today. The stock market was closed Monday and Tuesday — the first time trading had been suspended for two days because of weather since 1888.

Meanwhile, CNN and The Weather Channel were forced to backtrack after falsely reporting Monday night that there was three feet of water on the floor of the NYSE. CNN meteorologist Chad Myers and The Weather Channel’s Bryan Norcross reported the closed building had flooded, with Myers citing “the National Weather Service, through broadcast media”, presumably referring to The Weather Channel. The report soon began to unravel. Tweets from Politico’s Ben White and NY1′s Pat Kiernan denied the report. A spokesperson for the NYSE then told ABC that the Weather Channel had issued an “egregiously false” report. Both organizations retracted the report.

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Seven Arts Entertainment Shares Stopped Trading As NASDAQ Plans To De-List

By | Tuesday July 10, 2012 @ 8:24am PDT

Seven Arts NASDAQNASDAQ told the beleagured independent movie production company yesterday that it’s concerned about possible violations of its rules regarding notification of new share issuance — and the requirement for investors to approve new securities that could represent more than 20% of the voting shares. The market also has questions about Seven Arts‘ proxy statement. Company CEO Peter Hoffman says he was “surprised” by NASDAQ’s decision “for what we viewed as technical issues.” NASDAQ’s position could change if Seven Arts complies with the notification rules. “We will make all additional disclosures requested by NASDAQ and remain confident that the actions taken at the stockholders’ meeting were pursuant to our articles, bylaws and Nevada Law,” Hoffman says. “We will be appealing any decision to de-list the Company’s common stock.” Seven Arts reported that it lost $1.59M in Q1, vs its $973,034 loss in the period last year, on revenues of $187,793, down 31%. The company’s shares are down 88.8% in 2012, and 96% for the last 12 months.

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China VOD Provider ‘YOU On Demand’ To Trade On NASDAQ

By | Tuesday May 29, 2012 @ 1:46pm PDT

YOU On Demand NASDAQThe company name sounds a little creepy, but investors attracted to anything that has to do with China and entertainment may be glad to know that beginning tomorrow NASDAQ will carry shares of YOU On Demand, China’s top provider of pay-per-view and VOD services, under the ticker symbol “YOD.”  It currently offers films from Disney, Warner Bros, Lionsgate, and Miramax.  Before you call in your “buy” order, you should know that the company’s still in its investment phase and lost $4.2M in Q1 — an increase from its $2.6M loss in the period last year — on revenues of about $2M, up 20%. This month CEO Shane McMahon loaned the company $3M. Company shares have lost nearly 40% of their value over the last 12 months in over the counter trading. These and other factors “raise substantial doubt about the Company’s ability to continue as a going concern,” YOU On Demand says in its latest Read More »

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Viacom Stock To Trade On NASDAQ

By | Friday November 11, 2011 @ 6:00am PST

NEW YORK, Nov. 11, 2011 — Viacom Inc. (NYSE: VIA, VIA.B) today announced the transfer of its stock exchange listing to The NASDAQ Global Select Market from The New York Stock Exchange. The company said that the voluntary transfer to The NASDAQ Global Select Market, an exchange of The NASDAQ OMX Group Inc. (Nasdaq: NDAQ), will be more cost effective, while continuing to provide Viacom shareholders with strong execution and liquidity. Viacom’s Class A common stock will trade on NASDAQ under the symbol “VIA” and its Class B common stock will trade under the symbol “VIAB” beginning December 1, 2011.

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UPDATE: Media Stocks Down, But With Exceptions, As Overseas Debt Fears Grow

UPDATE 4:10 PM: The markets couldn’t sustain an early afternoon rally amid concerns that France might lose its AAA debt rating and that Spain or Italy might default on payments. The Dow Jones Industrial Average fell 4.6% while the S&P 500 dropped 4.4% and NASDAQ was down 4.1%. But media companies were mixed, with some showing big improvements from mid-day. Disney remained the hardest hit of the Big Guns with shares falling 9.1%. It was followed by Sony (-5.7%), CBS (-5.4%), News Corp (-4.7%), Time Warner (-4.6%), Comcast (-4.5%), and Viacom (-0.3%). Among other media companies, Crown Media, Westwood One, and E.W. Scripps fell at least 10%. Entercom, The New York Times, and Gannett were off at least 9%. And Martha Stewart Living Omnimedia, AOL, and LIN TV were down at least 8%.  Some companies were up including Cinedigm (+8.7%), National CineMedia (+4.3%), New Frontier Media (+2.7%), DreamWorks Animation (+2%), Lionsgate (+1.8%), Pandora Media (+0.6%), and Coinstar (+0.1%).

PREVIOUS, 9:00 AM: Here we go again. Stock markets at mid-day have given up just about all of yesterday’s gains following the Fed’s pledge to keep interest rates low — and media companies are being hammered. The Dow Jones U.S. media index is -4.7% while the Dow Jones Industrial Average is -4.1%. Similarly the S&P media index is off 5.5% while the S&P 500 is -3.8% and NASDAQ’s media shares are -4.8 vs. the overall exchange which is -3.3%. Here’s how industry giants are faring at mid-day: Disney (-10.7%), CBS … Read More »

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AMC Networks Goes Public With Hot Shows, And Analysts Looking For A Sale

Wall Street has high expectations for AMC Networks as it prepares to begin its new life Friday as an independent, publicly traded company. Most, and possibly all, of the analysts following the owner of AMC, IFC, WeTV and Sundance have a “buy” rating on the stock, which Cablevision Systems is spinning off and will trade on NASDAQ under the symbol “AMCX.”

The company’s going public as its biggest channel, AMC, enjoys a hot streak. Mad Men is bidding to become the first series since NBC’s The West Wing to win the Emmy for Best Drama Series for four straight years. If The Walking Dead and The Killing also are nominated, then AMC could become the first cable network to have three candidates in that category. Another AMC hit, Breaking Bad, isn’t eligible this year.

Maxim Group’s John Tinker says that AMC has “done an exceptional” job of commissioning original series as he projects that AMCX will hit $34 in 12 months. He’s concerned, though, that AMC won’t enjoy most of the financial rewards from its hits. For example, Mad Men producer Lionsgate owns the show’s syndication rights. Tinker also fears that AMC’s collection of older movies compete too directly with Netflix. Cable cord cutting “is here to stay,” he says. Read More »

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IMAX Moves From NASDAQ To New York Stock Exchange

By | Monday January 31, 2011 @ 12:21pm PST
Mike Fleming

New York, NY – January 31, 2011 – IMAX Corporation (NASDAQ:IMAX; TSX:IMX) today announced the pending transfer of the listing of its common stock from the NASDAQ Global Select Market (“NASDAQ”) to the New York Stock Exchange (“NYSE”). The Company expects to begin trading on the NYSE on February 11, 2011, under its current ticker symbol “IMAX” and will ring the opening bell that morning. The Company will continue to trade under the ticker symbol “IMAX” on the NASDAQ until the transfer is completed. The Company’s trading on the Toronto Stock Exchange, under the ticker symbol “IMX,” will remain unchanged.

“Given the global nature and expansion of our brand, the New York Stock Exchange offers an ideal platform for the continued growth of our Company,” said IMAX CEO, Richard L. Gelfond. “Our affiliation with the NYSE will provide us access to the markets we intend to reach and puts us in good company with other members of our industry.”

“We are delighted that IMAX has chosen to list on the New York Stock Exchange,” said Duncan L. Niederauer, CEO, NYSE Euronext. “IMAX is one of the world’s leading entertainment technology companies. Its global network is among the most innovative, highly visible platforms in the world. Our strategies are aligned, and we look forward to a successful global partnership with IMAX and its shareholders.”

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