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Auto Stocks Begin September 2017 on a Mixed Note

PART:
1 2 3 4 5 6 7
Part 2
Auto Stocks Begin September 2017 on a Mixed Note PART 2 OF 7

GM Stock Falls Despite Positive August US Sales

GM stock

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.

GM Stock Falls Despite Positive August US Sales

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According to 2016 sales volumes, GM was the largest automaker (IYK) in the US market, ahead of Fiat Chrysler (FCAU), Toyota (TM), and Ford Motor (F).

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.

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