The spin-off of Verizon Communications, Inc.'s (NYSE:VZ) phone book business has been completed. Idearc (NYSE:IAR), operator of Yellow and White Pages, begins trading today on its own basis.
Idearc's products include Verizon Yellow Pages and smaller-sized portable Verizon Yellow Pages Companion Directories, SuperPages.com, SuperPages Mobile(TM), Solutions At Hand(TM) magazine and Solutions Direct(TM) direct mail packages.
Idearc also provides sales, publishing and other related services for more than 1,200 distinct directory titles in 35 states and in D.C. It lists a total 2006 expected circulation of approximately 136 million copies and is the largest publisher of Hispanic directories in the United States.
Barron's gave this a positive write-up this weekend after Idearc shares traded on a when-issued basis last week for $26.60. A Citigroup analyst who covers the sector noted that Idearc shares could be worth $33.00. The company also has plans to raise some $9 Billion in loans and bonds.
Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.
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