Why GM Stock Hit A New 52-Week Low Today
Portfolio Pulse from Henry Khederian
General Motors Co (GM) shares hit a new 52-week low, falling by 1.6% to $28.74. The drop is attributed to the company's third-quarter earnings report and the suspension of permits for its driverless-car technology arm, Cruise, in California due to safety concerns. Despite reporting strong third-quarter sales with a 5.4% YoY increase, costs and expenses for the quarter rose by 6.8% YoY.
October 24, 2023 | 6:45 pm
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NEGATIVE IMPACT
GM's stock hit a new 52-week low due to its Q3 earnings report and the suspension of permits for its Cruise arm in California.
GM's stock price is directly impacted by its Q3 earnings report and the regulatory issues faced by its Cruise arm. The suspension of Cruise's permits in California due to safety concerns could potentially affect GM's future earnings and reputation, leading to a decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100