Finance History | 11 Wall Street — One Corning Share in Eight Became a Lab Book Called DGX
· 1996-12
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Finance History | 11 Wall Street — One Corning Share in Eight Became a Lab Book Called DGX
kevin
People treat Quest Diagnostics as a Secaucus testing company that always printed DGX after a finished New York book.
The 1996 issuer was Quest Diagnostics Incorporated, the renamed Corning Clinical Laboratories business, itself the successor of Metropolitan Pathology Laboratory and MetPath, founded in 1967.
A Form 10-K records that DGX began trading on the New York Stock Exchange on a when-issued basis on 17 December 1996. From that day through 31 December the high was 15 dollars and 75 cents and the low was 13 dollars and 25 cents in 1996 currency. Regular-way trading began on 14 January 1997.
Corning's 2 January 1997 release recorded the distribution itself: about 28.04 million Quest shares, one for every eight Corning shares held at the close on 31 December 1996.
The present tape is DGX on the New York Stock Exchange.
The mechanism is a tax-free laboratory spin-off. Corning handed the clinical book to its own holders. The new letters were DGX.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that now prints DGX.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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