General Motors (GM) stock prices soared after the company raised its full-year outlook for the third time this year while posting a higher third-quarter profit.
Profits helped push GM stock up 50% since the beginning of the year, even as other legacy automakers such as Ford (F) struggled.
Morningstar U.S. Auto Stock Strategist David Whiston joins Julie Hyman and Josh Lipton to discuss market dominance and how GM is doing things differently than other automakers to support stock price growth. Analyze.
GM is “controlling what it can control, especially when it comes to costs… continuing to reduce capacity going back to before the pandemic,” Whiston told Yahoo Finance. “The other thing they’re doing to help the stock price is that about a year ago they announced they were accelerating a massive $10 billion share buyback. (regional) to over $50.
The strategist added that General Motors “maintains momentum with strong results, especially this quarter.” For example, a 10% increase in stock prices today is a luxury to see as an auto analyst. To be honest, that rarely happens. ”
GM Chief Financial Officer Paul Jacobson spoke with Yahoo Finance Executive Editor Brian Sozzi earlier today to discuss the automaker’s third-quarter results.
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This post was written by Naomi Buchanan.
