2Q17 earnings season
The auto industry’s 2Q17 earnings season is nearly over. Last week, which ended on August 4, 2017, automakers Ferrari (RACE) and Tesla (TSLA) announced their second-quarter results. Let’s see how auto stocks are faring in their second-quarter earnings season.
Auto stocks were mixed
Last week, the broader market continued to trade on a mixed note, and the S&P 500 benchmark (SPY) (SPX-INDEX) ended the week rising 0.20%. Meanwhile, automakers General Motors (GM) and Ford Motor (F) traded on a negative note. GM, the largest US automaker, fell 1.4%, and Ford fell about 2.0%.
In contrast, Fiat Chrysler (FCAU) rose 1.1% last week. FCAU’s solid second-quarter earnings report could be the key reason why the stock is maintaining positive sentiments.
The stock of electric carmaker Tesla (TSLA) continued to recover for the fourth consecutive week after touching its two-month low on July 10, 2017. The stock rose 6.5% last week. Tesla released its 2Q17 report on August 2, 2017. To learn more, be sure to read Tesla’s 2Q17 Earnings Review: What Triggered the Buying Spree?
In this series, we’ll look at some possible reasons for mainstream automakers’ mixed performances in the first week of August. We’ll find out what significant developments took place in the auto industry last week, and we’ll look at some key technical levels for these auto stocks for this week.
Let’s start by looking at GM’s recent stock price movement.