Market Overview

General Motors Makes Slew Of Announcements At Auto Conference

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General Motors Company (NYSE: GM), a large participant at the Deutsche Bank 2016 Global Auto Industry Conference in Detroit, released a bevy of news regarding the company's upcoming outlook. Some of these news items include:

  • An increase in 2016 adjusted EPS, from a range of $5.00-$5.50 to $5.25-$5.75.
  • Raises common stock dividend 6 percent to $0.38 per share.
  • Board of Directors authorizes increase in buyback program, from $5 billion to $9 billion.

These initiatives come on the heels of a $500 million dollar investment in Lyft, a large competitor to Uber, as the partnership looks to create an Autonomous On-Demand Network.

The market reacted favorably to these announcements at the open, as GM shares jumped from $30.27 to a high of $32.18. The stock recently traded up 2.6 percent at $31.11.

Posted-In: News Guidance Dividends Buybacks Movers

 

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