Karen Finerman, president of Metropolitan Capital Advisers, said shares of GM have rallied on this news, which is interesting because more shares are coming to the market and that usually negatively affects the stock price. She added GM has strong fundamentals.
Tim Seymour, managing partner of Triogem Asset Management, said he doesn't know if GM will initiate a dividend as soon as many investors believe because the current buyback is so big. He added that Tata Motors Limited (TTM) looks like a good buy.
Brian Kelly, founder of Brian Kelly Capital, said he would be a buyer of the stock and not a seller on this news.Guy Adami, managing director of stockmonster.com, said GM stock has rallied a ton since July while Ford (F) has mostly traded sideways. He added that he would be a buyer of Ford. With shares of Google (GOOG) near all-time highs, Finerman defended the stock, saying it's not a bubble. She added that it's cheap compared to a lot of its competitors. Seymour called the stock "conservative," considering its growth rate. Adami said shares of Micron (MU) are cheap based on valuation, while the share price could continue to squeeze short-sellers. Seymour disagreed, saying the stock is highly overbought at current levels.