General Motors Co. (NYSE: GM)
Gerneral Motors News & Technicals
Shares of General Motors (GM) jumped in the premarket sessions as the company raised guidance for 2016 and their dividend by 6% while also raising its share repurchase program by $4 billion. GM now expects earnings per share in the range of $5.25 – $5.75 which is higher than its previous expectation of $5 – $5.50. The dividend was raised from 36 cents a share to 38 cents, which begin this quarter. “We made significant progress executing our strategic plan and the results are being demonstrated through our improved earnings,” said Chief Executive Mary Barra. “Moving forward, we will continue to keep the customer at the center of everything we do.” (MarketWatch)
Looking at the 5-minute chart you can see that shares liked the news GM announced this morning, as they are currently up over 5% in the premarket session. It looks like the $30 level will hold as support and we should see some resistance come in at the $32 and $33 price levels. Currently analysts have an average price target of $42.06.
General Motors Co. engages in the business of design, manufacturing and sale of cars, trucks and automobile parts worldwide. It operates through four segments: GM North America, GM Europe, GM International Operations and GM South America. The GM North America segment sells vehicles under the brands Chevrolet, GMC, Buick and Cadillac with sales, manufacturing and distribution operations in the U.S., Canada and Mexico and distribution operations in Central America and the Caribbean. The GM Europe segment has sales, manufacturing and distribution operations across Eastern, Western and Central Europe including Russia and the other members of the Commonwealth of Independent States. The GM International Operations segment has sales, manufacturing and distribution operations in Asia/Pacific, the Middle East, Africa and Eastern Europe, including Russia and the other members of the Commonwealth of Independent States. The GM South America segment sells vehicles under the brands Buick, Chevrolet, Holden, Vauxhall, Cadillac, GMC and Opel, with sales, manufacturing, distribution and/or financing operations in Brazil, Argentina, Colombia, Ecuador and Venezuela as well as sales and distribution operations in Bolivia, Chile, Paraguay, Peru and Uruguay. The company was founded by William C. Durant on September 16, 1908 and is headquartered in Detroit, MI. (MarketWatch)