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Why GM Stock Saw a Mixed Performance Last Week

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GM stock

Last week, General Motors’ (GM) stock settled at $34.94 without any major change from the previous week’s closing price. GM stock is trading with a minor rise of 0.3% on a year-to-date basis. Now, let’s find out what could have kept the company’s stock mixed last week.

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GM’s June sales

In the first week of July, GM released its June 2017 sales data. In June 2017, GM’s total US vehicle sales stood at 243,155 vehicle units, about 4.7% lower than its sales in the corresponding month of 2016. The company’s US retail vehicle sales in June 2017 were at 202,908, down 3.1% as compared to its retail sales in June 2016.

In May 2017, GM reported a 1.3% YoY drop in its US sales. On the positive side, it managed to report a marginal YoY increase in its May US retail sales.

According to 2016 auto sales volumes, GM was the largest automaker (IYK) in the US market ahead of Ford (F), Fiat Chrysler Automobiles (FCAU), and Toyota (TM). However, the company has announced it will exit some of its international markets like Europe, South Africa, and India in 2017, which should decrease its global sales volumes going forward.

Support and resistance levels

In the final week of June 2017, GM stock violated a key prior resistance level near $34.70, which should act as an immediate support this week. An immediate resistance level lies near $35.95.

Read on to the next part where we’ll discuss what to expect from Ford stock this week.

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