The European carmaker PSA Peugeot Citroen, devised a strategy to increase its profitability. For this purpose, the company went on to have a deal with General Motors Company (NYSE:GM). The former company is looking to increase its sales in the near future, with the help of GM of course, Chief Executive Officer Philippe Varin, of PSA Peugeot Citroen, said recently.
The company also promised to cut its budget by 50 percent in the current year. The company is also in plans to reach a no profit no loss situation by the start of 2014, while it is going to reduce the French workforce by 17% during the same period.
GM’s new partner is not an attractive one, because it has registered a 6th successive loss recently. But, the long run implications of this alliance may become visible in a few years.
Shifting reader’s focus to the broader market, let us consider the market performance of other stocks that significantly affect the same sector. Toyota Motor Corporation (ADR) (NYSE:TM) fell -1.04% to settle at $104.83, Honda Motor Co Ltd (ADR) (NYSE:HMC) moved down -1.66% to end at $37.85, while Alcoa Inc. (NYSE:AA) jumped +1.80% to finish at $9.03 on Tuesday.
General Motors Company (NYSE:GM), on Feb 12, 2013, increased +0.07% to the closing price of $28.55. The overall volume in the last trading session was 5.58 million shares. Its fifty two weeks range was $18.72 – $30.68. The total market capitalization remained at $44.71 billion.
GM is ahead of of its 52-week low 52.51% and is lagging behind its 52-week high price -6.94%. GM’s last month’s stock price volatility remained 2.28%. In its share capital, GM has 1.57 billion outstanding shares, among them 733.82 million shares have been floated in the market exchange. GM’s stock’s institutional ownership remained 36.40% while insider ownership was 0.06%.
The stock price of GM is moving down from its 20 days moving average -0.90% and is moving positively from its 50 days moving average 2.65%. GM’s current year’s earnings per share experienced an addition of 58.46%, while its current quarter performance remained at 14.02%.
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