Why General Motors Stock Is Falling Today
Shares of General Motors (NYSE: GM) are falling today, down 5.8% as of 1 p.m. EDT, following disappointing U.S. auto sales results for April and news that a prominent hedge fund manager had sold his stake in GM.
GM no longer releases monthly sales results for the U.S., but you don't need official numbers to know that April was grim. With auto factories -- and many dealers -- shut down amid the COVID-19 pandemic, U.S. auto sales likely fell by 50% to 55% in April, based on estimates from Cox Automotive, Edmunds, and TrueCar subsidiary ALG.
Did strong pricing on its new pickups help GM avoid a first-quarter loss? We'll find out Wednesday. Image source: General Motors.
Source Fool.com
