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 ATLANTA (AP) - Delta Air Lines Inc.'s new shares began their first trading day on the New York Stock Exchange on Thursday at a price below the company's initial projection.
Delta's chief financial officer said he was pleased with the carrier having the second-highest market capitalization in the industry, even as one analyst predicted that ranking would be short-lived.
The Atlanta-based company's shares opened their first public trading day since Delta exited bankruptcy on Monday at $21.75. That pegged Delta's initial market value at $8.7 billion based on the 400 million shares Delta planned to issue. All of those shares were outstanding, but as of Thursday afternoon about 150 million shares had not been issued because of unresolved claims with creditors, a Delta spokesman said.
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