By Jonathan Stempel
BANGALORE (Reuters) - Loews Corp
Chief Executive James Tisch said the change, which will take effect June 23, will "strengthen the recognition of Loews." It follows the tax-free split-off last week of Loews' stake in Lorillard Inc
Loews, based in New York, said it has used the "LTR" symbol for nearly 50 years. Among the company's other businesses are affiliate CNA Insurance Corp
Most Big Board-listed companies have three-letter tickers, while most Nasdaq-listed companies have four-letter tickers.
One-letter tickers are thought to carry considerable cachet. Among the holders are Ford Motor Co
"There is competition for these symbols, always, but Loews is a leading company, and the 'L' was available," said Christiaan Brakman, a spokesman for NYSE Euronext
Loews declined further comment.
The "L" ticker had been carried until May 2006 by Liberty Media Corp, a company controlled by cable mogul John Malone, according to Liberty Media's website. Liberty Media now trades on Nasdaq.
A one-letter ticker is no sure means of guaranteeing a higher stock price. Macy's Inc
Loews' decision leaves seven currently unassigned one-letter tickers, according to the Big Board website: H, I, J, P, U, W and Z.
Shares of Loews rose 30 cents to $50.70 in morning trading on the New York Stock Exchange.
(Editing by Gerald E. McCormick)