General Motors Co. (NYSE:GM) approved a new $20 billion share buyback on Tuesday. Investors sold the stock anyway.
Shares are down 9.9% this week. That puts them on track for their worst week since the week ended March 10, 2023, when the collapse of Silicon Valley Bank shook markets.
Most of the damage came on Tuesday, when the stock fell 6.8% after third-quarter results. Revenue rose 2.9% to $50.02 billion, ahead of estimates.
However, CFO Paul Jacobson warned that commodity costs could rise by $2 billion in 2027 if recent inflation persists.
On Friday, GM slipped another 2.1% to $75.61. The stock is down 7.1% this year and about 18% below its late-July peak of $91.85.
Analysts trimmed their targets but kept bullish ratings. Morgan Stanley cut its target to $95 from $101, Barclays to $105 from $110 and UBS to $109 from $112. TD Cowen kept its $132 target.
Chart: General Motors’ weekly price change. Source: TradingView
Image: Shutterstock
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