General Motors Company GM shares are trading higher by $1.09 (3 percent) at $35.80 in Tuesday's session.
Investors are following the lead of Greenlight's David Einhorn, who is long the issue and has detailed a new plan to unlock shareholder value. Under his plan, he forecasts the value of the company to be in the $43.00-$60.00/share range.
After a retreat from its March 6 high ($38.55), GM's stock put in in a series of lows at the $34.00 area, which has provided the foundation for today's rally.
Following a slightly lower open, it bottomed on its opening print of $34.66 and began to move higher. The ensuing rally has found intra-day resistance ahead of its March 20 high ($36.4), only reaching $36.25.
At this time, it has fallen back under $36.00 and has been consolidating at the $35.80 area since 11:45 a.m. ET.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.