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Stock Report: TDS shares rise on 'artificial' run-up.(Telephone and Data Systems Inc.)(Brief Article)
Crain's Chicago Business, May, 2005 by Johnsson, Julie
Byline: Julie Johnsson Arbitrage traders taking advantage of technical oddity in a major market index apparently prompted a run-up in shares of Telephone & Data Systems Inc. (TDS) last week. On Monday, special common stock issued to shareholders of the Chicago-based telecom company began trading under ticker symbol TDS.S.
The new class of stock will likely be used as currency to buy the 18% of its U.S. Cellular Corp. subsidiary currently controlled by investors, TDS said in a filing with the Securities and Exchange Commission. However, the Standard & Poor's MidCap 400 Stock Price Index, which includes TDS, decided to drop the special common shares from the index by Thursday. This forced index and index-related investment funds, whose holdings mirror the...
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