Wednesday, April 25th 2001, 12:00 am
By: News On 6
(Tulsa-AP) Williams Communications' stock prices are stabilizing Tuesday, one day after the operation becoming a stand-alone company. Williams Communications stock was trading at $4, 30-cents per share at midday, up from Monday's close of $4.20 per share.
The price of the stock fell by almost 22% Monday. After the close of trading Monday, Williams distributed about 400-million shares of Williams Communications to Williams' shareholders. The distribution is tax-free dividends to complete the spin-off. Williams Communications chief financial officer Scott Schubert says price swings are common during spin-offs. Schubert says the stock may remain volatile for a few weeks.
Shares of Williams Communications reached an all-time high last summer at $40.63 per share.