Several GM top executives made statements over the past few days concerning the health of the company and its stock. GM CEO Rick Wagoner said during an auto show in Frankfurt he believes his company's share price does not yet reflect investor optimism regarding a potential resolution of health-care negotiations with the United Auto Workers union. GM Europe Chief Carl-Peter Forster, speaking at the same event, said the company has a "good chance" of selling 300,000 vehicles in Russia in 2008, which would be a 20% increase over 2007 estimates. GM Vice Chairman Bob Lutz, speaking Monday, said the company is spending less than expected on incentives for new crossover vehicles like the Buick Enclave and GMC Acadia thanks to "underlying demand." GM, which has relied excessively on incentives in the past, cut its average incentive spending per vehicle in the U.S. by 6% from July, according to AutoData. Against last August, spending fell 9.2%. GM shares gained 4.5% to close at $30.54 Tuesday, their first positive close in a week.
Sources: Dow Jones I, II, III, Bloomberg
Commentary: Wagoner is King in GM/UAW Talks • U.S. Auto Sales Decline Slows in August, GM Posts Surprising Gain • GM's Weak Arguments Against Fuel Efficiency
Stocks/ETFs to watch: GM. Competitors: F, TM, DAI. ETFs: PRFG, RPV, PRF
Earnings call transcript: General Motors Q2 2007
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