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Auto Stocks Spike Following GM's Encouraging Guidance At Detroit Conference

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Auto Stocks Spike Following GM's Encouraging Guidance At Detroit Conference
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Auto stocks were notably higher on Tuesday after General Motors Company (NYSE: GM)surprised the Street with an earnings per share guidance for fiscal 2017, which exceeded Wall Street's estimates.

General Motors' management team was speaking at the Deutsche Bank 2017 Global Auto Industry Conference held in Detroit. The company expects to earn $6.00 to $6.50 per share throughout fiscal 2017, while analysts were expecting the automaker to earn just $5.83 per share.

General Motors also authorized an incremental $5 billion to its already existing share buyback program. The announcement will bring its total authorization to $14 billion, of which $9 billion will be completed by the end of 2017.

The encouraging guidance helped boost General Motors' stock to a 52-week high of $38.12. The stock was last seen at $38.02, up 5.58 percent on the day.

General Motors' guidance and sent auto investors into a buying frenzy.

Here is a roundup of how shares of other automakers were performing Tuesday afternoon:

  • Ford Motor Company (NYSE: F): $12.98, up 2.77 percent.
  • Fiat Chrysler Automobiles NV (NYSE: FCAU): $10.84, up 2.55 percent.
  • Toyota Motor Corp (ADR) (NYSE: TM): $120.04, up 0.26 percent.
  • Honda Motor Co Ltd (ADR) (NYSE: HMC): $30.25, down 0.59 percent.
  • Tesla Motors Inc (NASDAQ: TSLA): $228.67, down 1.13 percent.

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