“When issued” stocks in Cendant Corp. spin-offs Realogy Corp. and Wyndham Worldwide Corp. are expected to begin trading on the New York Stock Exchange today, although Cendant shareholders won’t be issued their shares in the companies until July 31.

Cendant’s board approved the spin-offs of its real estate and hospitality units July 13. Cendant shareholders will receive one share of Realogy for every four shares of Cendant stock they own at the close of business on July 21, and one share of Wyndham Worldwide for every five shares of Cendant common stock held on the same date.

For the time being, Cendant stocks will trade two ways — with or without the dividend of the shares of Realogy and Wyndham. “Regular way” trading of the common stock of Realogy, Wyndham and Cendant (which will be renamed Avis Budget Group) will begin Aug. 1. Reology will be traded under the symbol “H” and Wyndham as “WYN.”

In a press release and filing today with the Securities and Exchange Commission, Cendant said it will report second-quarter results (including the performance of Realogy and Wyndham) Aug. 9. Cendant said results will be consistent with forecasts issued May 30, with the exception of up to $30 million in potential back taxes owed for Wyndham’s European vacation rental operations.

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