This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Auto Sales Rise Along With S&P 500

GM on Tuesday touted sales of its new cars. At Chevrolet, Cruze sales rose 43% to 25,787, Volt sales rose 294% to 2,851 and Spark sales totaled 2,223. The new Buick Verano sold 4,092 units. The new Cadillac XTS sold 2,506 units and the Cadillac ATS, just arriving in showrooms, sold 611 units.

GM reported it sold 210,245 vehicles, leading to its best September since 2008.

"Inside these numbers was clear evidence that GM has become a formidable across the board competitor," said Kurt McNeil, vice president of U.S. sales operations. Nevertheless, he said, "We're very humble and staying very hungry ... the good news is we're jut getting started." GM sales rose just 1.5%, however, as pickup truck sales fell about 20%.

Investors on Tuesday bid GM shares up 2.6% to $23.68, partially on sales but also because hedge fund manager David Einhorn painted a buy picture for investors.

Ford, meanwhile, had "its best small car month in a decade," said Ken Czubay, vice president for U.S. marketing, sales and service. "Go back 10 years to September 2002 to find a comparison." Ford's total sales were flat, partially because sales of its top selling-car, the Fusion, slipped 37% to 12,300 as the 2012 model was cleared out.

The big winner in September was Toyota (UAL), which saw sales gain 41.5%.

"The auto industry had another very encouraging month in September," said general manager Bill Fay on the Toyota sales call. Looking ahead, we see continued stability in the marketplace."

-- Written by Ted Reed in Charlotte, N.C.

>To contact the writer of this article, click here: Ted Reed

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
F $15.86 -0.25%
GM $35.44 -0.95%
TM $142.27 1.10%
AAPL $131.78 -0.65%
FB $81.27 -0.78%

Markets

DOW 18,064.56 +26.59 0.15%
S&P 500 2,105.08 -3.84 -0.18%
NASDAQ 5,044.9780 -15.2680 -0.30%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs