Kraft spurns New York Stock Exchange for Nasdaq

Kraft Foods Inc. is moving its stock listing to the Nasdaq from the New York Stock Exchange to cut costs.

The packaged foods maker, which is splitting into two publicly traded companies later this year, also said Friday that the move will give its brands such as Oreo and Cadbury greater visibility. Kraft spokesman Michael Mitchell said the listing fees were "considerably less" for Nasdaq. He said the company was also impressed with the advertising and brand building Nasdaq does on behalf of its member companies. The exchange was criticized for its handling of Facebook Inc.'s initial public stock offering. Kraft's transfer to the Nasdaq will take place June 26.

- Associated Press