Yesterday General Motors Company (GM) said that its operations outside of China and North America would be incorporated into a new entity headquartered in Detroit and headed by Barry Engle, the present GM executive vice president and president of GM South America. He is expected to report to GM President Dan Ammann. The announcement comes at a time when the auto maker is spending more on electric vehicles.
General Motors shares closed higher for a second consecutive trading session on Tuesday. The stock went up 3.08% ($1.30) to $43.45, after touching an intraday high at $43.69 and also a fresh all-time high.
In the week ended on October 1st the shares of the largest vehicle manufacturer in the United States added 2.44% to their market value compared to a week ago, which marked a third consecutive period of gains.
The stock has extended its advance to 7.60% so far during the current month, following a 10.51% surge in September. The latter has been a fourth consecutive monthly gain and also the largest one since October 2015.
For the entire past year, General Motors shares gained 2.44%. The stock has risen 24.71% so far in 2017.
According to the statement, the leadership of GMs International region (Southeast Asia, India, Oceania) is to be combined with the companys South America region effective January 1st.
Last year GMs operations in both South American and Asia Pacific areas were unprofitable.
Meanwhile, earlier this week the auto maker announced that it would add 20 new battery electric and fuel cell vehicles to its lineup worldwide by the year 2023.
According to CNN Money, the 23 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 8.86% decrease compared to the closing price of $43.45 on October 3rd.
The same media also reported that 14 out of 26 surveyed investment analysts had rated General Motors’ stock as “Hold”, while 8 – 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 – $43.51
R2 – $43.57
R3 (Range Resistance – Sell) – $43.64
R4 (Long Breakout) – $43.82
R5 (Breakout Target 1) – $44.04
R6 (Breakout Target 2) – $44.14
S1 – $43.39
S2 – $43.33
S3 (Range Support – Buy) – $43.26
S4 (Short Breakout) – $43.08
S5 (Breakout Target 1) – $42.86
S6 (Breakout Target 2) – $42.76
By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:
Central Pivot Point – $40.36
R1 – $40.71
R2 – $41.05
R3 – $41.40
R4 – $41.76
S1 – $40.02
S2 – $39.67
S3 – $39.33
S4 – $39.00