AOL Falls on First Trading Day After Spinoff From Time Warner

AOL Inc., the Internet company spun off from Time Warner Inc., fell on its first day of trading after the separation.

AOL, based in New York, declined 52 cents, or 2.2 percent, to $23.15 at 9:35 a.m. in New York Stock Exchange composite trading. The stock, passed over for the Standard & Poor’s 500 Index, is included in the S&P MidCap 400 Index.

Time Warner, the New York-based owner of the Warner Bros. studios and CNN, spun off AOL nine years after their $124 billion combination triggered record losses. An Internet pioneer founded in 1985, AOL now faces declines in subscribers to its online access service and in advertising revenue.