General Motors (NYSE: GM) NewsBite - GM Announces Investment in Small Car

Posted on Friday, August 22, 2008 1:58 PM

General Motors (NYSE: GM) opened at $10.22. So far today, the stock has hit a low of $9.91 and a high of $10.35. GM is now trading at $10.17, up $0.25 (2.52%). The stock hit its 52-Week high of $43.20 in October and set its 52-Week low of $8.81 in July. General Motors announced yesterday evening it will invest more than $500 million in the U.S. to build a new compact car that will compete in an era of high gasoline prices. Technical indicators for the stock are neutral and S&P gives GM a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on GM the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]