General Motors shares close flat on Tuesday, GM’s Cruise to expand workforce by 1 000 over nine months

Cruise, General Motors Cos self-driving vehicle subsidiary, revealed plans earlier this week to expand its workforce by 1 000 people over the upcoming nine months, as the auto maker intends to introduce a robotaxi service by the end of the year.

General Motors shares closed flat at $38.62 in New York on Tuesday. The stock registered an intraday high at $39.03, which has been a price level not seen since March 6th ($39.29).

Shares of General Motors Company have risen 15.46% so far in 2019 compared with an 11.36% gain for the benchmark index, S&P 500 (SPX).

In 2018, General Motors’ stock went down 18.39%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

“We have plans to double in size by the end of this year,” Ray Wert, a spokesperson for Cruise, said in a statement, cited by Reuters.

According to Wert, most of the new hirings will include engineers, but however, no concrete numbers were provided. At present, over 1 000 people are employed with Cruise.

Additionally, General Motors unit intends to triple its office space in San Francisco, Reuters reported.

According to CNN Money, the 18 analysts, offering 12-month forecasts regarding General Motors Company’s stock price, have a median target of $47.50, with a high estimate of $67.00 and a low estimate of $33.00. The median estimate represents a 22.99% upside compared to the closing price of $38.62 on March 12th.

The same media also reported that 12 out of 21 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 6 – 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 – $39.00
R1 – $40.49
R2 – $43.00
R3 – $44.49
R4 – $45.99

S1 – $36.49
S2 – $35.00
S3 – $32.49
S4 – $29.99