General Motors (GM) NewsBite - GM Downgraded By Citigroup

Posted: Wednesday, October 08, 2008 1:24 PM EDT

General Motors (GM) was downgraded today by analysts at Citigroup and the stock is now at $6.73, down $0.83 (-10.98%) on volume of 13,024,270 shares traded. The brokerage downgraded GM to "Sell" from "Hold." Over the last 52 weeks the stock has ranged from a low of $7.56 to a high of $43.20. General Motors stock has been showing support around $6.62 and resistance in the $9.44 range. Technical indicators for the stock are bearish and S&P gives GM a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on GM the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 10 range. [ABR-Seven Summits Strategic Investments NewsBite]

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