Auto Stock Racing Toward Best Day Since 2021

GM, F, and STLA are all higher today

Managing Editor
Nov 29, 2023 at 3:25 PM
facebook X logo linkedin

General Motors Co (NYSE:GM) stock is pacing the New York Stock Exchange (NYSE) today, last seen up 9.3% to trade at $31.58, on track for its best single-session gain since January 2021. The automaker this morning announced a $10 billion share buyback plan to go with a 33% dividend increase, while also reiterating its fiscal year 2023 guidance, a notable feat in the wake of the resolved United Auto Workers strike.

The news is giving sector peers Ford Motor Co (NYSE:F) and Stellantis NV (NYSE:STLA) a halo lift, with both stocks up 2.5% and 5.2% higher, respectively. 

General Motors stock is set to clear its 80-day moving average for the first time on a closing basis since its Aug. 9 bear gap. GM is now down only 5.6% in 2023, but thanks to a 12.5% pop in November so far, the shares have distanced themselves from their Nov. 10 three-year bottom of $26.30. 

GM Stock Chart

Options bulls are out in force today, with over 182,000 calls crossing the tape at last check, volume that's quadruple the average intraday amount and pacing for the top percentile of its annual range. The weekly 12/1 32- and 33-strike calls are seeing new positions bought to open, while the December 29 call is also a popular contract today.

Premium traders are in luck, considering GM's Schaeffer's Volatility Scorecard (SVS) sits at 85 out of 100, suggesting the equity has exceeded option traders' volatility expectations in the last year. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI