Kraft dumps NYSE, moving to Nasdaq

June 8, 2012 at 2:50 PM

NORTHFIELD, Ill., June 8 (UPI) -- Kraft Foods Inc. Friday said it was moving its stock exchange listing from the New York Stock Exchange to the Nasdaq.

The company is in the midst of spinning off its grocery business from its snacks operations. The decision to move stock exchanges will "yield greater cost efficiencies while providing visibility advantages for the company's iconic brands," Kraft said in a statement.

The company initially will trade on the Nasdaq as KFT, beginning June 26. After the company splits, KFT will be retired and the snack business, Mondelez International Inc., will trade as MDLZ, and Kraft Foods Group Inc. will trade as KRFT.

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