General Motors Co. plans to shift its stock listing to the Nasdaq Global Select Market from the New York Stock Exchange, aiming to position the automaker as a tech-forward company. The company will retain the "GM" ticker symbol when it begins trading on Nov. 17. Chief Financial Officer Paul Jacobson cited GM's "technology-driven strategy," stating Nasdaq is "a natural home for our listing as we grow." The move follows similar shifts by Walmart Inc. and Door Dash Inc., reflecting Nasdaq's growing appeal for tech-focused listings.
GM has been working on the listing for over a month, hoping Nasdaq index funds will buy the stock and open it to more investors. Its shares rose about 2.7% before regular trading but fell later as Barra warned of intensifying challenges ahead. Despite the announcement, management believes shares are undervalued based on cash flow, highlighted by a new $20 billion round of share buybacks earlier this month.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing