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 most
analysts had predicted. As the morning wore on, it began to decline, and dropped
it $1.15 apiece to $24.05 at 11:22 a.m. However, it rallied to close at $26. The
stock is trading under the symbol 'RMG.'
In conjunction with the tracker, Cablevision said its class-A common stock
has been redesignated as Cablevision NY Group class-A common stock, and it
continues to trade on the NYSE under the symbol 'CVC.'
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