General Motors Slammed After Q1 Miss For EPS And Revenues

'' General Motors

shares are trading lower by $1.47 at $35.69 in Thursday's session. The catalyst for the steep decline is a Q1 miss for EPS ($$0.86 vs. Est. $0.97) and revenue ($35.7B vs. Est. S37.61B). The Street reacted instantly to the weaker-than-expected report and slammed the issue to $35.50 during the premarket session. However, it did recover over $36 before the opening of the regular session, but after brief pop to $36.30, it reversed course and trading near its low for the day ($35.58). It should be noted the premarket low and current intraday low coincides with its February 9 low 9$35.51) and its April 7 low ($35.64). If these levels are breached General Motors will enter a thinly traded arena going back to February 4, when it bottomed at $34.15 and rallied to end the session at $35.83.