NEW YORK (TheStreet) -- Shares of General Motors (GM) fell 0.76% to $31.16 in afternoon trading Monday after the company missed expectations for October auto sales despite U.S. automakers reporting their best October sales in years.
U.S. sales of the six largest automakers measured by U.S. market share rose 6% year-over-year, which matched analysts' expectations, according to Reuters.
GM sales ticked up 0.2% compared to October 2013 to 226,819 vehicles, which missed the consensus estimate of analysts polled by Thomson Reuters by more than 5,000 vehicles. GM announced it would execute plans to increase profit at the cost of total sales by decreasing fleet sales of its large SUVs.
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Separately, 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, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."