Why GM Stock Is Surging Over 5% In Premarket Today
Portfolio Pulse from Shanthi Rexaline
General Motors Corp. (NYSE:GM) stock surged over 5% in premarket trading after the company reinstated its full-year 2023 earnings guidance, which had been withdrawn due to a UAW strike. The guidance accounts for a $1.1 billion impact from the strike. GM also announced a $10 billion accelerated share repurchase program and plans to increase its common stock dividend by 33% starting January 2024. CEO Mary Barra expressed confidence in strong profits for 2023 and efficient cost management for the future. The company expects 2023 capital spending to be at the lower end of its prior guidance.
November 29, 2023 | 11:52 am
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General Motors reinstated its 2023 earnings guidance and announced a $10 billion share repurchase program and a 33% dividend increase, signaling strong future performance and shareholder value.
The reinstatement of earnings guidance and the announcement of a share repurchase program and dividend increase are strong positive signals to investors, likely leading to increased investor confidence and a potential short-term rise in GM's stock price.
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