GM Trades at Key Level
General Motors ( GM , quote ), aka "Global Motors", is off >3% this AM and testing key 6 month support around the $34.25-$35.00 level where there is a congestion level that has held up.
Thursday's weaker than expected numbers highlighted that GM is still struggling in Europe and that even the highly profitable US market may be seeing some pressure form discounts and incentives.
News out today includes auto sales from Mexico and China for GM that doesn't change the cautious tone around the stock.
GM is a member of the Emerging Money Global EM Index (EMEGI) and remains well positioned globally but has been a big underperformer this year compared to other equally well positioned global players.
This morning India's Tata Motors ( TTM , quote ) reported profits that tripled y/y and beat analysts' estimates for the 3q.
Sales at Jaguar Land Rover continue to drive the top line as F-TYPE Convertible and Range Rover sales are showing no signs of slowing.
Tata remains in a sweet spot as a global luxury brand that has buyers from all over the world looking keeping growth high.
Tata gets 23% of its sales from India, 23% from China, and another 19% from the rest of the world after you back out 32% from US, UK and EU.