CAT - Why Caterpillar Stock Crawled to a 4% Loss On Tuesday
2024-05-02 15:52:36 ET
This Monday, construction equipment specialist Caterpillar (NYSE: CAT) became a bit less of an international company. It withdrew its listing from a prominent stock exchange overseas, and investors weren't happy that its presence was shrinking. They traded the company's main (i.e., U.S.-listed) shares down by 4.4% in price the following day, which was a steeper dive than the S&P 500 index's 1.6%.
Caterpillar will no longer have a presence on the Euronext Paris, the company announced. This follows what it characterized as a "comprehensive review," of its Paris-listed stock, which it said suffered from notably low trading volume. Citing the costs and requirements of administering those shares, it requested they be delisted . The request was granted by Euronext Paris's board of directors.
The delisting is to occur on May 28, with the last day of trading set for May 27.
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Why Caterpillar Stock Crawled to a 4% Loss On Tuesday