Twitter to Trade on NYSE
Twitter said Tuesday it will trade on the New York Stock Exchange after its initial public offering, which could come next month. CNBC reported late Tuesday the company is targeting Nov. 15 for its IPO.
The company said in its prospectus two weeks ago that it would trade under the symbol "TWTR," but it didn't name the exchange. Choosing NYSE could be considered a snub to Nasdaq, where most Internet and high-tech stocks trade.
On Tuesday, Reuters reported that Nasdaq CEO Robert Greifeld flew to Twitter's San Francisco headquarters in a last-ditch effort to convince executives Twitter should list on his exchange, but to no avail.
NYSE also aggressively -- and successfully -- campaigned for Pandora and LinkedIn, according to Reuters. The exchange also lobbied for Facebook, which decided to go with Nasdaq in an IPO that was widely panned by investors and analysts.
Twitter's announcement came by way of an amended IPO filing that also revealed its third-quarter financials. The company's revenue doubled from the year-ago frame to $168.6 million but losses widened to $64.6 million.
The company also grew its monthly active users to 232 million as of the end of the third quarter, up from 218 million at the end of the second quarter.
Twitter is expected to embark on its "roadshow" shortly, where executives will attempt to convince wealthy investors to participate in the IPO.
Meanwhile, Twitter is also busy striking new relationships, such as a high-profile deal with Comcast that will enable its Xfinity subscribers to watch a show on their mobile device or set their DVR by tapping a "See It" button in a tweet. Richard Greenfield, an analyst with BTIG, called it "a groundbreaking partnership."