CNBC Daily Open: Nasdaq futures fall as Alphabet, Tesla earnings disappoint
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 24 2024
0mins
Source: CNBC
Market Performance: Wall Street experienced slight declines ahead of major tech earnings, with the S&P 500 down 0.16%, and notable drops in Tesla's and Alphabet's stock prices following disappointing earnings reports.
Earnings Insights: Despite strong overall corporate earnings with 80% of S&P 500 companies beating expectations, concerns arose from underperformance in key sectors like automotive sales for Tesla and advertising revenue for YouTube, while UPS faced significant losses due to lowered revenue guidance.
Analyst Views on GM
Wall Street analysts forecast GM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GM is 82.06 USD with a low forecast of 48.00 USD and a high forecast of 100.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
18 Analyst Rating
16 Buy
1 Hold
1 Sell
Strong Buy
Current: 81.140
Low
48.00
Averages
82.06
High
100.00
Current: 81.140
Low
48.00
Averages
82.06
High
100.00
About GM
General Motors Company designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. The Company's segments include GMNA, GMI, Cruise and GM Financial. Its GM North America (GMNA) and GM International (GMI) develop, manufacture and/or markets vehicles under the Buick, Cadillac, Chevrolet and GMC brands. The Company provides automotive financing services through its General Motors Financial Company, Inc. (GM Financial) segment. Its Cruise segment is engaged in the development and commercialization of autonomous vehicle technology. Its software-enabled services and subscriptions, including OnStar, its advanced driver-assistance systems (ADAS), including Super Cruise driver assistance technology, and its end-to-end software platform. The Company is also focused on investing in electric vehicles (EVs) and AVs, software-enabled services and subscriptions and new business opportunities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
