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July 31, 2004

Google and Nasdaq Slight the Big Board

By Gregory Bresiger

Google, in papers filed with the Securities and Exchange Commission, has decided to list its $2.7 billion initial public offering (IPO) with Nasdaq, passing up the New York Stock Exchange.

"It's not exactly a big surprise. Nevertheless, it still shows Nasdaq's attraction as a technology market," according to Robert Hegarty, vice president of securities and research for the Tower Group, a private research group that is owned by Reuters.

Hegarty said that Nasdaq probably "pulled out all the stops" to take Goggle away from the NYSE. Nasdaq already has such technology stalwarts as Yahoo and Microsoft.

Hegarty and other analysts said that the loss of Goggle wouldn't be fatal for the Big Board. However, the capture of Goggle might have proven that the NYSE's transformation to a hybrid trading model was working.

Still, the large IPO should be a welcome shot for the embattled dealer market. It is also an important coup for Nasdaq, another Wall Street institution going through changes. Neither Nasdaq nor the Big Board spokesmen would comment.