GM stock | 9.81% gain on earnings report | GM stock up trend

 

General Motors

Shares of General Motors (GM) rallied more than 9% on Tuesday are the company’s better-than-expected earnings results.

GM released their earnings report this morning showing that the company bear revenue and earnings per shares targets.

For the quarter, GM earned $2.96 per share which was $0.58 better than Wall Street’s targets.  The earnings per share beat market the third quarter in a row that GM has bested earnings projections by $0.35 or better.

Revenue for the auto giant came in at $48,757 billion, better than expectations and 10% higher than last year’s revenue for the same quarter.

GM’s management also raised its fiscal year 2024 adjusted EPS to $10.00-10.50 from $9.50-10.50.

The earnings beat sent shares of GM  to their best trading levels in more than two years.

The stock soared above the $50 price, a level that has provided stiff resistance for the last four months.

Shares also moved above their top monthly Bollinger Band, a move that usually precedes an extension of an aggressive long-term bullish move in a stock.

The last time that GM shares saw a similar move was in November 2020 as the market emerged from the short Covid-19 driven bear market.

Following that example, shares of GM are likely to target a move to their all-time highs above $65.