Is Macy's NYSE gain Microsoft's loss?

Federated Department Stores said Wednesday it plans to change its stock symbol from "FD" to "M" on the New York Stock Exchange (NYSE) when shareholders approve its proposed name change to Macy's.

The New York Stock Exchange was long thought to be saving the "M" symbol to lure Microsoft away from the rival Nasdaq exchange, where the company has been listed by the ticker "MSFT" since going public in 1986.

"That has been a matter of speculation, something we have not had to address," New York Stock Exchange spokesman Christiaan Brakman said. " 'M' will be for Macy's."

A Microsoft representative wouldn't comment directly on whether the company has considered switching exchanges, or whether the availability of the "M" ticker symbol would be a factor.

"Microsoft picked the Nasdaq for the company's IPO and we just celebrated [the initial public offering's] 20-year anniversary," the representative added in an e-mail.

The "M" has been unused since 1989, when it represented Texas bank-holding company M Corp., which failed that year.