Last week, which ended October 13, 2017, the broader market traded on a mixed note, and the S&P 500 benchmark (SPY) witnessed a minor rise of 0.20%. Automakers General Motors (GM), Fiat Chrysler (FCAU), and Ferrari (RACE) continued to outperform the broader market, rising 2.1%, 0.90%, and 2.1%, respectively.
Eyes on 3Q17 earnings
The 3Q17 earnings season for the auto industry is beginning this week, with legacy motorcycle maker Harley-Davidson set to announce its 3Q17 results on October 17, 2017. Investors’ high expectations for auto companies drove auto stocks higher in September. However, uncertainties about future US auto sales could be keeping the stocks of mainstream automakers mixed ahead of their third-quarter results.
According to Autodata, September 2017 US auto sales rose 6.1% on a year-over-year basis. Higher demand from hurricane-affected areas could be one of the key reasons for stronger September sales (IYK), as people from these areas started looking for replacement options for their damaged vehicles.
Read What Boosted US Auto Sales in September 2017? for a detailed review of September US auto sales.
In this series, we’ll see how mainstream auto companies traded in the week ended October 13, 2017. We’ll also explore some key updates for the auto industry in the last few weeks and take a look at some key technical levels for auto stocks.
Let’s start by looking at GM’s recent stock price movement.