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Newcastle Investment completes residential spinoff

NEW YORK (AP) -- Real estate investment trust Newcastle Investment Corp. said Thursday it completed the spinoff of its New Residential Investment Corp.

New Residential Investment shares are now trading on the New York Stock Exchange under the ticker symbol "NRZ." New Residential Investment owns some of Newcastle's former residential and other assets.

Holders of Newcastle Investment common stock as of May 6 were issued one share of New Residential common stock for each share of Newcastle stock they held.

Shares of Newcastle Investment Corp. fell 5 cents, to $5.73 in midday trading. Shares of New Residential gained 41 cents, or 6.3 percent, to $6.96.