For the week ending May 12, 2017, General Motors (GM) stock traded on a mixed note and ended at $33.62—a minor weekly loss of 0.4%. The company’s stock is trading with 2.9% month-to-date losses. It performed better than its peers. General Motors’ peers released their 1Q17 earnings results in the final week of April.
Key drivers for General Motors stock
General Motors released its 1Q17 results on April 28. The company reported an adjusted EPS (earnings per share) of $1.70 in 1Q17—about 35% higher than its 1Q16 adjusted EPS of $1.26. Its 1Q17 earnings results also exceeded analysts’ consensus EPS estimate of $1.45.
However, General Motors’ US auto sales in April fell 5.8% on a year-over-year basis. Among all of its key brands, General Motors’ Chevrolet brand sales witnessed a massive YoY fall of over 10% last month. The fall could be the primary reason for General Motors’ mixed movement on Wall Street last week.
Key technical levels
Last week, General Motors stock tested resistance near $34.70 and turned negative after not being able to breach the same resistance level. This week, we can expect its $34.70 price level to continue acting as a stiff resistance.
On the downside, General Motors stock might face a key support area near $32.80. Only a violation of this support could attract another sell-off in the coming sessions.
In the next part, we’ll look at Ford’s recent stock price performance and its key technical levels.