According to a report by TV channel CTV News over the weekend, citing sources with knowledge of the matter, General Motors Company (GM) intends to discontinue all operations at a facility near Toronto, Canada. The factory shutdown is part of a planned international restructuring, the same media said.
General Motors shares closed higher for a third consecutive trading session in New York on Monday. It has also been the sharpest daily surge since October 31st. The stock went up 4.79% ($1.72) to $37.65, after touching an intraday high at $38.75, or a price level not seen since July 24th ($39.98).
Shares of General Motors Company have retreated 8.15% so far in 2018 compared with a 0.01% dip for the benchmark index, S&P 500 (SPX).
In 2017, General Motors’ stock surged 17.65%, thus, it again underperformed the S&P 500, which registered a 19.42% return.
The US auto maker produces sedans on one assembly line at the facility and pickup trucks on another assembly line.
According to CTV News, the factory shutdown in Oshawa, Ontario will probably affect “thousands” of high-paying job positions. The US auto maker has 2 500 union workers and nearly 300 salaried employees in the Oshawa region, Reuters reported.
According to CNN Money, the 22 analysts, offering 12-month forecasts regarding General Motors Companys stock price, have a median target of $44.75, with a high estimate of $60.00 and a low estimate of $33.00. The median estimate represents an 18.86% upside compared to the closing price of $37.65 on November 26th.
The same media also reported that 11 out of 23 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:
Central Pivot Point – $35.63
R1 – $36.41
R2 – $36.89
R3 – $37.67
R4 – $38.45
S1 – $35.15
S2 – $34.37
S3 – $33.89
S4 – $33.41
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