GM Shares Trade Higher After Strong Q3 Earnings Report

Benzinga

General Motors' Strong Q3 Earnings Impress Analysts, Highlights Turnaround And EV Profitability Focus.   Benzinga's Premarket Prep is the #1 go-to source for everything you need to know before the market opens! Join our expert hosts as they break down the latest market trends, analyze key indicators, and provide actionable insights to help you navigate the trading day ahead.

Transcript

00:00We'll start with GM here. So if you guys remember, General Motors yesterday morning reported

00:06earnings. We said the earnings were pretty good. I mean, they beat on EPS and sales,

00:11but the stock was trading lower in pre-market trading. And we were like, oh, I mean, GM did

00:15this last time. They reported good earnings. The stock went up and then it got crushed. It ended

00:20up going down on the day. Yesterday, it started off in the red. People ended up buying the dip

00:26on it. So yesterday, it was trading. We got up to around $53.50 yesterday, closed up $4.80. So

00:36ended up closing up 10% after, again, trading red in the pre-market session yesterday. So

00:43a pretty wicked reversal yesterday in GM. It's a nice pop. We talked about this

00:53when it pulled red. I was like, the earnings were good, but typically what GM does is pop and drop

00:59on the earnings while they pull the rug out. And this has been an earnings season where you have

01:03seen wicked reversals on both sides, where some stocks, you know, they pop and they drop and they

01:09pop again. It's been a wild, wild earnings season. But GM obviously reported it was good numbers. We

01:16talked about the show and being good numbers, but then the stock obviously gave all those gains

01:19back, was up at $52, went down to $49 in the pre-market, actually in the $48 handle, I think,

01:24in the pre-market. And then they didn't have any of them in the regular recession, just started

01:28buying it hand over fist and couldn't stop buying it. Similar to what the banks did, actually.

01:33The banks, remember, Joel, on their day, a couple of them popped, then gave it back like they

01:38typically do, and then they popped them again. So reversals all over the place.

01:45Yeah. A couple of things to say here. Do you think this is a Trump stock or not?

01:52General Motors?

01:53Yeah. Remember what he said about Detroit? Did you hear what he said when he came to Detroit?

01:58What'd he say?

02:00He said that if he didn't win, the rest of the country was going to end up bleak like Detroit.

02:06That's what he said. That's what he said to the Detroit Economic Council. But anyways,

02:13big old move. Is this a breakout or a fake out? And we're just going to have to wait

02:18just for a couple of days here, because this hasn't been over 50 since early 2022.

02:26So it's got to establish a bid here. It has to look like UAL. UAL kept on going, right?

02:34And now it's consolidating. It had the big up day a couple, that UAL, man, I put the

02:39warning out on here, but it's really important for GM. I know it's down 8 cents. It's just got

02:45to say, hey, we're going to establish a bid here above the breakout level, and we're going to keep

02:51on going. So keep an eye on yesterday's high, keep an eye on the mark. I think that's really

02:56important for GM here. So looking good for the Motor City. I'm glad to see that. And I told you,

03:03Dana's been working there about a year, and you can see what the stock has done over the past

03:07years. So I'm very happy for that stock.

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