Investors are selling shares of General Motors (
) Wednesday afternoon ahead of the automaker's quarterly earnings
report, expected out before the opening bell rings Thursday. The
stock last traded at $32.87, down 0.36 percent for the session.
Wall Street is currently looking for GM to issue third-quarter
earnings of $0.93 per share on sales of $35.59 billion. Last
quarter, the Detroit, MI-based automaker posted EPS of $0.31 on
revs of $36.9 billion. Going back a year to the first quarter of
2010, GM saw pro-forma EPS of $1.66 on revenue of $31.5 billion.
GM's stock tumbled more than 16 percent over the last quarter and
is up 6 percent since.
Shares currently trade at a P/E of 6.5x FY12 EPS estimates,
compared with 7.5x at Ford Motor (
) and 33.9x for Toyota Motor (NYSE: TM).
Data from Bloomberg has 15 analysts with a Buy on General Motors, 5
with a Hold, and none suggesting to Sell. The analyst price target
average is $43.30, with a high of $50 and low of $34. Shares have
traded in a range of $39.48 - $29.17 since its re-IPO in November.
General Motors has seen some success since the start of 2011: auto
sales increased 22 percent in January, 49 percent in February, 11
percent in March and another 27 percent in April.
The highly-anticipated Chevy Volt is off to a decent start, with
608 units shipped in March and 493 shipped during April. The public
may need just a little more coercing for this auto, which begins in
The tragic March 11th earthquake in Japan caused a shortage for
some Japanese automakers (as well as U.S. counterparts). Toyota had
shut down several of its factories for the balance of the month,
gingerly opening up each one as safety was assured. As several
analysts have suggested, the event may be a boon for General Motors
as the supply of Japanese autos slows.
Stay tuned to StreetInsider.com's
section to see our analysis of the highly-anticipated quarterly
results within seconds of the release.