General Motors Rallies Off Morgan Stanley Upgrade

shares were trading higher by $0.61 (1.8 percent) at $36.42 in Thursday's session. Morgan Stanley's Adam Jonas has provided the catalyst by

from Underweight to Equal-Weight, maintaining his price target of $28. The issue, which has been laboring at the $35 level since its Q1 miss for EPS and revenues, put in multiple lows at the $34.75 level that has provided the foundation for the current rally. The modest upgrade instigated a higher open ($36.11 compared to Wednesday's close of $35.81) and after a brief retreat to $35.97, the rally has resumed. So far, it has reached $36.46 and is not backed off very far from that level. If General Motors can rally another $0.21, it will fill the gap created by its earnings miss. It would need to rally all the way to $37.16 to reach the close from the day before it was pelted amid its Q1 miss.