Rainbow Tracker Begins Trading4/01/2001 8:00 PM Eastern
NEW YORK -Rainbow Media Group Inc., the national programming arm of Cablevision Systems Corp., started trading on the New York Stock Exchange as a tracking stock Friday, at the high end of most analysts' estimates.
Rainbow opened at $25.20 per share, above the range of $20 to $25 that most analysts had predicted. The stock is trading under the symbol RMG.
RMG opened at $25.20 per share, but as the morning wore on it began to decline and dropped $1.15 apiece to $24.05 at 11:22 a.m.
Rainbow shares were distributed as dividends to Cablevision holders.