General Motors shares rebound on Wednesday, company appoints Dhivya Suryadevara as Chief Financial Officer

June 14, 2018 7:18 am

According to a statement by General Motors Company (GM) on Wednesday, Dhivya Suryadevara has been appointed as Chief Financial Officer, effective on September 1st. Current CFO Chuck Stevens is to stay with the company as an adviser until he retires in March next year after a 40-year career.

General Motors shares closed higher for the eighth time in the past ten trading sessions in New York on Wednesday. The stock went up 0.61% ($0.27) to $44.45, after touching an intraday low at $43.83, or a price level not seen since June 7th ($43.51).

Shares of General Motors Company have risen 8.44% so far in 2018 compared with a 3.82% gain for the underlying index, S&P 500 (SPX).

In 2017, General Motors’ stock surged 17.65%, thus, it underperformed the S&P 500, which registered a 19.42% return.

Appointed as Vice President of Corporate Finance in July 2017, Dhivya Suryadevara played an essential role in the divestiture of GM’s European arm, Opel, as well as in the purchase of self-driving vehicle startup, Cruise, in which Japan’s SoftBank Group Corp recently invested as much as $2.25 billion.

Previously, Suryadevara served as Vice President of Finance and Treasurer at GM and also was Managing Director of Investment Strategy and Fixed Income at General Motors Ventures LLC.

According to CNN Money, the 18 analysts, offering 12-month forecasts regarding General Motors Company’s stock price, have a median target of $52.00, with a high estimate of $70.00 and a low estimate of $39.00. The median estimate is a 16.99% surge compared to the closing price of $44.45 on June 13th.

The same media also reported that 13 out of 21 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 8 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the General Motors stock are presented as follows:

R1 – $44.51
R2 – $44.57
R3 (Range Resistance – Sell) – $44.62
R4 (Long Breakout) – $44.80
R5 (Breakout Target 1) – $45.00
R6 (Breakout Target 2) – $45.09

S1 – $44.39
S2 – $44.33
S3 (Range Support – Buy) – $44.28
S4 (Short Breakout) – $44.10
S5 (Breakout Target 1) – $43.90
S6 (Breakout Target 2) – $43.81

By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:

Central Pivot Point – $43.93
R1 – $44.69
R2 – $45.14
R3 – $45.90
R4 – $46.67

S1 – $43.48
S2 – $42.72
S3 – $42.27
S4 – $41.83

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