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Zimmer Holdings Inc. shares began trading Tuesday on the New York Stock Exchange under the ticker symbol ZMH. Zimmer, which posted 2000 sales of $1.04 billion, was divested in a 100 percent spin-off to existing shareholders of Bristol-Myers Squibb (NYSE: BMY).
As of 11 a.m. today, Zimmer shares were selling at $28.59, down $1.35 from Tuesday's closing price of $29.94.
The stock opened Tuesday at $28.50 per share.
Zimmer recently released its second quarter and first half 2001 results. For the quarter, Zimmer worldwide sales increased 13 percent (17 percent excluding the effects of foreign exchange) to $293.3 million. For the first six months of 2001, worldwide sales totaled $580.3 million.
Sales growth was driven primarily by increases in the sale of reconstructive implants.
On July 31, Standard & Poor's announced Zimmer Holdings Inc. would become a component of the closely watched S&P 500 Index following the close of the market Aug. 6.
Bristol-Myers Squibb announced in September it planned to divest Zimmer. The divestiture was designed to allow both Bristol-Myers Squibb and Zimmer to focus more intensely on their respective core businesses.
