GM to leave NYSE for stock listing on tech-focused Nasdaq

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeElectric VehiclesInvestorTransportationAutosGM to leave NYSE for stock listing on tech-focused NasdaqThe surprise departure from the NYSE after 115 years aligns with GM’s embrace of technologyAuthor of the article:Last updated 31 minutes ago The General Motors plant sign is viewed in Oshawa on November 26, 2018. Photo by LARS HAGBERG/AFP via Getty ImagesGeneral Motors Co. plans to shift its stock listing to the Nasdaq Global Select Market from its longtime home on the New York Stock Exchange, an attempt to position the old-school automaker as a tech-forward company embracing automated driving and electric vehicles.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe company will retain the “GM” ticker symbol when it begins trading on the Nasdaq on Nov. 17, according to a statement Tuesday. The new listing offers eligibility for potential inclusion in the Nasdaq-100 Index, GM noted.This advertisement has not loaded yet, but your article continues below.Citing GM’s “technology-driven strategy,” Chief Financial Officer Paul Jacobson said in the statement that the Nasdaq is “a natural home for our listing as we grow.”Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againThe surprise departure from the NYSE after 115 years aligns with GM’s embrace of technology, particularly as upstart electric vehicle makers and rising competition from China and elsewhere threaten Detroit’s grip on the market. GM has been trying to get investors to take a different view of the company — so far unsuccessfully — by making a case its investments in self-driving systems and software-related services have potential for revenue growth with higher margins.The announcement comes just days after GM held an event in New York to showcase upcoming EV models, featuring advanced driver-assistance capabilities and battery technology.Its shares rose four per cent at 9:33 a.m. in New York.The listing shift is another notable win for Nasdaq following similar moves by companies including Walmart Inc. last year and DoorDash Inc. in 2023. Hilton Worldwide Holdings Inc. announced just a week ago that it would join the Nasdaq, another blow to NYSE.This advertisement has not loaded yet, but your article continues below.The Nasdaq has been the favored home for major tech listings of late, with Elon Musk’s SpaceX and artificial intelligence giant Anthropic PBC both opting for the exchange.Analysts from JPMorgan said Tuesday that they expect GM to join the Nasdaq-100 Index when it becomes eligible in December. Its market cap would make the carmaker the second-largest Nasdaq-100 non-member after Hilton, the analysts said in a note.GM has been working on the new listing for more than a month with hopes that Nasdaq index funds will buy the stock and open the shares up to more investors, said a company spokesman.Management has believed for some time that the shares are undervalued based on the company’s cash flow. GM announced a new US$20 billion round of share buybacks earlier in the month, adding to tens of billions already spent by the company buying back its stock since 2023. Despite the announcement, its shares fell that day as Barra warned of “intensifying challenges” ahead.With assistance from Cailley LaParaThis advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.