GM SAYS 2018 EARNINGS EXCEEDED EXPECTATIONS, STOCK SKYROCKETS
General Motors is currently trading at 37.69-higher by 8.43% as compared to the previous closing price. In the Premarket trading session, the stock was trading higher by 6%. The stock has continued rising after the opening bell.
GM’s CEO Mary Barra said earlier today that the company’s full-year 2018 earnings exceeded its previous expectations. The CEO further said that the current year is looking even better, citing strong sales in China and high demand for its utility vehicles in the U.S.
The automaker had previously told investors that it expected 2018 adjusted earnings of between $5.80 and $6.20 per share and adjusted automotive free cash flow of $4 billion.
CEO Barra forecast diluted adjusted EPS of between $6.50 to $7 and adjusted free cash flow $4.5B to $6B for the current year.
On the technical front, the current price is above the MA5 and MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 64.57% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 37.40 TAKE PROFIT AT 38.00 STOP LOSS AT 37.10