The company's revenue missed expectations, however
The shares of General Motors Company (NYSE:GM) are up 3.4% at $36.92 this morning, following the automotive maker's third-quarter earnings report. The company posted profits of $2.25 per share, topping analysts' estimates, while its revenue of $41.89 missed expectations. GM also reaffirmed its full-year forecast, saying results will likely come in at the "mid-point" of that forecast as demand remains strong.
While the mostly strong results are easing some fears of an economic slowdown, analysts have yet to chime in. Sentiment is mostly bullish, however, with nine of the 16 in coverage calling the stock a "buy" or better. Plus, the 12-month consensus price target of $48.15 is a 30.3% premium to current levels.
Options traders are already targeting GM at an elevated clip. So far, 30,000 calls and 21,000 puts have been exchanged, which is double the intraday average. The most popular position is the weekly 10/28 37-strike call, followed by the 35-strike put in the same series.
GM is in rebound mode at the moment, breaking back above the 30-day moving average and adding more than 13% in October so far. The stock is still sitting at a 37.7% year-to-date defect, though, and will need to clear pressure at the 50-day moving average if it wants to continue its rally.