General Motors to Move Its Listing From NYSE to Nasdaq on Nov. 17; Shares Rise 5.5%

GM said on Tuesday it will transfer its common stock listing from the New York Stock Exchange to the Nasdaq Global Select Market. The shares will trade on the NYSE through the close on Nov. 16, and Nasdaq trading is expected to begin Nov. 17 under the same GM ticker, with no action required from stockholders, according to the company's announcement. The board authorized the voluntary withdrawal of the NYSE listing on Oct. 26.

Chief Financial Officer Paul Jacobson said GM's "customer-focused, technology-driven strategy is creating value for our stockholders," making Nasdaq "a natural home for our listing as we grow." Reuters described GM as the first legacy automaker to list on the exchange, following recent moves by Walmart, Hilton and Palantir, in a report that put the company's market value at about $64.4 billion. A Nasdaq listing also makes GM eligible for potential inclusion in the Nasdaq-100 index, though inclusion is not guaranteed.

Investors welcomed the news: GM closed up 5.5% at $80.54. Not everyone is convinced the venue matters. A Bloomberg Opinion column argued the Nasdaq listing will not solve GM's biggest problem, which the piece frames as its valuation challenge, and Barron's weighed what the switch means for the stock.

What to watch: whether GM becomes eligible for and is added to the Nasdaq-100, which would bring index-fund demand, and whether the technology framing shows up in results from its autonomous-driving and software programs rather than only in the listing venue.