According to documents released to the public on August 4th by the National Highway Traffic Safety Administration, almost 800 000 Chevrolet Silverado 1500 and GMC Sierra 1500 pickups are being recalled by General Motors, due to possible power steering loss.
General Motors shares closed higher for the fifth time in the past eight trading sessions on Friday. It has been the sharpest daily surge since July 3rd. The stock went up 1.44% ($0.50) to $35.27, after touching an intraday high at $35.45, or a price level not seen since August 1st ($35.98). In the week ended on August 6th the shares of the largest vehicle manufacturer in the United States lost 1.40% of their market value compared to a week ago, which marked a third consecutive period of decline and also the steepest one since the week ended on May 21st. The stock has pared its loss to 1.97% so far during the current month, following a 3.01% surge in July. The latter has been a second consecutive month of gains and also the best performance since January. For the entire past year, General Motors shares added 2.44%.
It has been noted that the 2014 Chevrolet Silverado 1500 and GMC Sierra 1500 pickup trucks could temporarily lose electric power steering, especially during turning maneuvers at low speed.
Almost 690 000 vehicles in the United States, 80 000 vehicles in Canada and nearly 25 000 vehicles in other countries are expected to be recalled.
In order to address the issue, GM dealers will have to reflash the vehicles software. However, no indications have been made over when the repairs are to begin. The auto maker also did not disclose any information whether accidents or injuries were associated with the recall.
According to CNN Money, the 27 analysts, offering 12-month forecasts regarding General Motors stock price, have a median target of $39.60, with a high estimate of $53.00 and a low estimate of $31.00. The median estimate is an 12.28% surge compared to the closing price of $35.27 on August 4th.
The same media also reported that 15 out of 28 surveyed investment analysts had rated General Motors’ stock as “Hold”, while 9 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the General Motors stock are presented as follows:
R1 – $35.33
R2 – $35.40
R3 (Range Resistance – Sell) – $35.46
R4 (Long Breakout) – $35.65
R5 (Breakout Target 1) – $35.87
R6 (Breakout Target 2) – $35.97
S1 – $35.21
S2 – $35.14
S3 (Range Support – Buy) – $35.08
S4 (Short Breakout) – $34.89
S5 (Breakout Target 1) – $34.67
S6 (Breakout Target 2) – $34.57
By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:
Central Pivot Point – $35.39
R1 – $36.18
R2 – $37.10
R3 – $37.89
R4 – $38.69
S1 – $34.47
S2 – $33.68
S3 – $32.76
S4 – $31.85
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