by Michael Tarsala
None of the more than 120 Covestor managers have invested new money General Motors in the past 30 days, even with shares near a year low and trading just a sliver above book value.
The only manager who did anything with GM was Jesse Barkasy of the Trend Following model, who bought 500 shares around $22 as a swing trade in mid-June and sold them for less than 50 cents a share higher just three days later.
There are two noteworthy positives for General Motors (GM) this week, despite continued worries that it may suffer if the economy worsens:
- Auto sales in June were stronger than anticipated. GM sold 15.5% more vehicles than it did a year earlier, and more than any month since September 2008.
- And as Benzinga points out, the company sees a turnaround in Brazil with the launch of 7 new vehicles there in the past month, and two more due before year’s end. GM now has a goal of increasing its Brazilian market share to its best percentage since 2003.
You can check out all the details at Benzinga.
But I, for one, would feel more confident about the stock holding critical support near $19 if there were more model managers willing to step up and buy.
Photo by: Dave_7
