Key Highlights

  • GM shares are trading up 5.63% to $80.61, against a prior close of $76.31.
  • GM will transfer its listing from the NYSE to the Nasdaq Global Select Market, with Nasdaq trading starting November 17.
  • The ticker stays GM, and the move makes the company eligible for possible Nasdaq-100 inclusion.
  • The rally partly recovers last week's post-earnings slide.
  • Shares are outpacing Tesla and Ford while the consumer discretionary sector is roughly flat.

Nasdaq Listing Switch Drives the Rally

General Motors (NYSE:GM) shares are trading up 5.63% to $80.61 after the company announced it will transfer its listing to the Nasdaq Global Select Market from the New York Stock Exchange. The stock is expected to remain listed on the NYSE through market close on November 16 and begin trading on Nasdaq on November 17, under the same GM ticker.

A Nasdaq listing provides eligibility for potential inclusion in the Nasdaq-100 Index, which would force index-tracking funds to buy the stock. Eligibility does not guarantee inclusion, and no action is required by existing stockholders. Shares are outpacing Tesla (NASDAQ:TSLA) and Ford (NYSE:F), while the broader consumer discretionary sector is roughly flat.

GM, headquartered in Detroit, Michigan and founded in 1908, is one of the world's leading automakers and the largest in the U.S. by sales. It designs, builds and sells trucks, crossovers, SUVs, cars and parts under the Chevrolet, Buick, GMC and Cadillac brands, plus Baojun and Wuling in China. It operates through GM North America, GM International and GM Financial.

Management Frames the Move Around a Technology Strategy

Chief Financial Officer Paul Jacobson said the company's customer-focused, technology-driven strategy makes Nasdaq a natural home, following last week's AI and autonomy event. Some observers question whether GM merits a tech valuation, since it remains a cyclical, capital-intensive automaker.

Rally Partly Recovers a Post-Earnings Slide

The rally partly recovers last week's post-earnings slide, when narrowed EPS guidance and about $2 billion of cost headwinds offset a third-quarter beat, higher free Cash Flow guidance and a new $20 billion buyback. Separately, a report says GM plans hybrid versions of its three-row SUVs at its Lansing plant, a pivot away from EVs.

Shares Open Higher and Stay Below the 52-Week High

Shares opened at $78.72 and traded between $78.37 and $81.59 on Volume of about 8.51 million shares. GM has a market cap of $68.44 billion, EPS of $11.54 and a Dividend Yield of 0.86%, and the stock remains below its 52-week high of $91.85.