NEW YORK (TheStreet) -- General Motors (GM) shares gained in trading today, up 1% to $37.97, following reports out of China that Chinese consumers prefer foreign made cars, namely GM and Volkswagen (VLKAY), over Chinese automakers.
On Monday, the company reported that auto sales in China rose 9.1% in June.
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News from the far East was not all good for GM as South Korean GM workers have voted to strike, ignoring warnings from CEO Sergio Rocha that such action "could be much worse than we can imagine."
More than 14,000 workers at the automaker's factories in the country voted to go on strike after union reps and the company could not come to an agreement on their $110 per month pay raise plus one time bonus demands.
The strike does not necessarily mean that workers will walk off the job, and the vote is a standard negotiating tactic for Korean unions.
TheStreet Ratings team rates GENERAL MOTORS CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."