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General Motors Co (NYSE:GM) is trading lower despite posting strong third-quarter financial results as investors continue to weigh the near-term impacts of the chip shortage.
What Happened: General Motors reported quarterly adjusted earnings of $1.52 per share, which beat the estimate of 96 cents per share. The company reported quarterly revenue of $26.78 billion, which beat the estimate of $26.65 billion.
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Lebenthal's Take: "The market is getting it wrong today," Cerity Partners' Jim Lebenthal said Wednesday on CNBC's "Fast Money Halftime Report."
Investors should be focusing on the fact that the stock is up more than 30% year-to-date, Lebenthal said, adding that he expects the stock to trade higher from current levels.
"If anybody wants to sell into this news, you're doing the wrong thing and for those of you who don't own it, this is your opportunity to buy it."
See Also: What Are Whales Doing With General Motors
Lebenthal attributed the downward move in General Motors' stock to the semiconductor shortage and raw material cost inputs.
It's clear the company's margins are going higher, he said. Investors need to look past short-term headwinds and recognize that "demand is not just there, it's huge." hey're going to print money in the fourth quarter of this year and next year when their margins go up and their volumes go up."
GM Price Action: General Motors has traded as high as $64.30 and as low as $33.55 over a 52-week period.
The stock was down 4.31% at $54.89 at the time of publication.
Photo: courtesy of General Motors.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.