UPDATE: I want to clarify the situation with Time Warner‘s stock — which is doing better today than my comment below indicates. Although the current price is down from the close on Friday, it’s up if you adjust that number to take out the value of Time Inc. That’s a fair thing to do for an apples-to-apples comparison, and it shows Time Warner shares up about 1% in morning trading.
PREVIOUS, 7:53 AM: Investors gave Time Inc a rude welcome this morning as the legendary magazine operation became a publicly traded company, but didn’t reward Time Warner as it officially became an all movie and TV power. Time Inc shares on the New York Stock Exchange are down 5.5% in early trading from the prices being paid on Friday for the stock on a “when issued” basis. Time Warner is down 3.3%, and touched a 52-week low of $68.15. The entertainment giant’s investors received one share of Time for every eight shares they own in Time Warner.