What Drove Auto Stocks Higher in 2nd Week of July 2017?
Second quarter earnings season
The auto industry’s 2Q17 earnings are just around the corner with Harley-Davidson (HOG) set to release its earnings on July 18. Mainstream automakers like General Motors (GM), Ford (F), and Fiat Chrysler (FCAU) plan to announce their 2Q results in the final week of July. Let’s find out how auto stocks are trading ahead of their second quarter earnings announcements.
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Read What Analysts Predict for Harley-Davidson’s 2Q17 Earnings to learn what Wall Street analysts are estimating for HOG’s upcoming earnings.
Reviewing auto stocks
In the week ended July 14, the broader market continued to trade on a mixed note. The S&P 500 benchmark (SPY) ended the week with a minor rise of about 1.4%. Meanwhile, automakers like General Motors (GM), Ford Motor (F), and Fiat Chrysler (FCAU) outperformed the broader market and ended the week on a positive note. These stocks rose 4.0%, 3.7%, and 8.1%, respectively. Tesla (TSLA) also recovered last week after touching its two-month low on July 10. The stock rose 4.6% last week.
In this series, we’ll look at why auto stocks outperformed the broader markets in the second week of July 2017. We’ll also explore some significant developments in the auto industry and look at some key technical levels for these auto stocks for the third week of July 2017.
In the next article, we’ll begin by looking at GM’s recent stock price movement.