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Pressured by the New York Stock Exchange to delist its stock this week Enron Corp. has moved from the "Big Board" to an over-the-counter listing on the lessprestigious "Pink Sheets."
Shares of the fallen energy giant were demoted after the New York Stock Exchange often viewed as the ultimate venue for publicly traded companies - on Jan. 15 said Houston-based Enron's common stock and related securities "should be suspended immediately" from the NYSE.
"Today's action is being taken due to the expected protracted nature of (Enron's) bankruptcy process," according to a statement from the NYSE.
The 210-year-old New York Stock Exchange says Enron's "abnormally low"
common stock price in recent weeks violated NYSE's listing criteria by closing at an average price below $1 for at least 30 straight days.
Enron common shares did not trade on the venerable exchange this week. After a final NYSE price of 67 cents, Enron's common stock opened trading as an overthe-counter listing at 50 cents per share on Jan. 15, according to "www.pinksheets.com" and discount brokerage firm Charles Schwab.
The stock is fighting to stay above its low of 25 cents on Nov. 30, just ahead of Enron's filing for Chapter 11 bankruptcy protection.
It's a far cry from a year ago. On Jan. 24, 2001, Enron's common stock hit...