Advanced Micro Devices, Inc. (AMD) stock is down following the company’s announcement that it will move from The New York Stock Exchange to Nasdaq.

The company announced that the move will occur on December 31, 2014 and will trade under the symbol AMD starting January 2, 2015. “We are excited to join other industry-leading technology companies listed with Nasdaq,” says Advanced Micro Devices senior vice president and chief financial officer Devinder Kumar.

He added that moving AMD stock to Nasdaq will help the company in the long run as it’ll help the company connect with investors and shareholders in a more effective and efficient manner.

“We are proud to welcome AMD to Nasdaq and look forward to a successful partnership with the company and its shareholders,” said Bruce Aust, Vice Chairman at Nasdaq.

AMD stock is down 4.25% Wednesday afternoon.

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