SAP’s ADRs Drive U.S. Trading as German Markets Stay Closed for Holiday
SAP shares are trading in the U.S. stock market today while German markets stay closed for the second Christmas holiday. The company’s stock price is being set by its American Depositary Receipts (ADRs) on the NYSE, as no trading occurs on Frankfurt’s Xetra exchange. Meanwhile, a technical disruption at a major client has raised concerns about SAP’s cloud migration strategy.
A key subsidiary of Coal India, Eastern Coalfields Limited (ECL), faced a halt in critical operations during its move to SAP’s RISE cloud platform. The incident has sparked worries among investors about potential reputational risks to SAP’s core cloud business. Analysts are now questioning whether this reflects wider issues with complex 'brownfield' migrations to the cloud.
Separately, several SAP executives, including Muhammad Alam, Dr. Eberhard Schick, and César Martin, recently sold shares. These transactions were announced on December 15, 2025, but are tied to the company’s 'MOVE SAP' employee stock program. The sales were made to cover taxes and duties, not due to any negative outlook on the company. With German markets closed, SAP’s share price is being determined solely by its ADRs in New York. This lack of arbitrage between markets could lead to price gaps when Xetra reopens on Monday. The closing price in New York will set the baseline for trading in Frankfurt, leaving operational risks from large-scale cloud migrations still unresolved.
The ECL disruption has put SAP’s cloud migration strategy under scrutiny, while executive share sales remain part of routine tax obligations. When Xetra reopens, the NYSE’s closing price will dictate SAP’s starting value, with potential volatility due to the trading gap. The incident at ECL continues to highlight challenges in complex cloud transitions.
