General Motors Attempting To Rebound
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
General Motors Company (NYSE: GM) shares were trading higher by $0.31 (1 percent) at $36.04 in Wednesday’s session. It is attempting to rebound from Tuesday’s nearly $1 decline ($36.66 to $35.73).
The catalysts for Tuesday’s decline was a tweet by Doug Kass over the weekend that Goldman Sachs was putting together a 74 million share offering. That spooked investors as well as the report of a 73.4 million share sale by Canada GEN ahead of its upcoming earnings report.
Goldman is putting together a 74 milllion share secondary in $GM right now.
— Douglas Kass (@DougKass) April 6, 2015
Tuesday’s sell-off found support at $$35.64 and in today’s session it found support ahead of that level at $35.75. Both of those lows coincide with its February 9 at $35.51.
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