GM Stock Falls Despite Positive August US Sales
Last week (ended September 8), General Motors (GM) stock settled at $37, 1.0% lower than its price the previous week. In the previous two weeks, GM stock was positive. In the week ended September 1, it rose 4.9%. As of September 8, GM stock had risen ~5.9% quarter-to-date and 6.2% year-to-date.
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Positive August sales data
According to Autodata, GM’s US sales rose ~7.4% year-over-year in August 2017, with the help of a 16.5% rise in truck sales. However, its small car sales fell 13.2% year-over-year that month.
In July 2017, GM saw a significant 15.3% drop in its total US sales, including a ~14.4% fall in US retail sales. To learn about GM’s 2Q17 earnings, read Why GM’s 2Q17 Earnings Couldn’t Impress Investors.
Key technical levels
Last Friday, GM stock tested the support of ~$36.60 and bounced back. On the upside, $38.20 should continue to act as a key horizontal resistance level. Next, we’ll discuss what drove Ford stock higher last week.