General Motors Tumbles on a Negative Note at Morgan Stanley

General Motors plunged following a negative note by analysts at Morgan Stanley on Tuesday, making it TheStreet's Move of the Day.
Author:
Publish date:

General Motors plunged following a negative note by analysts at Morgan Stanley on Tuesday, making it TheStreet's Move of the Day. The investment firm warned that the Detroit-based automaker may see lower profits through 2015 and beyond. Analysts lowered their price target on the company to $27 from $29, citing disruptions from technology companies. The firm believes companies investing in self-driving vehicles pose a threat to GM's traditional vehicle business. Morgan Stanley said Ford Motors cutting its outlook is a warning for GM. Ford recently reduced its short-term outlook based on economic pressures in Russia and Latin America, foreign exchange and recall-related charges, which Morgan Stanley believes applies to GM.