Why Caterpillar Stock Crawled to a 4% Loss On Tuesday
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 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.
Source Fool.com
