Courtesy of Benzinga.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
General Motors Company (NYSE: GM) shares were trading lower by $0.56 (1.6 percent) at $32.77 in Wednesday’s session. The catalyst for the decline is a 3 percent decline in its total sales for the month of June. The big drag on the company’s sales for the month were total fleets sales being down 29 percent year-over-year.
The issue has been under constant selling pressure ever since Goldman Sachs downgraded the issue from Buy to Neutral on June 24. Since that rating change was made, the issue has fallen from its June 23 close ($36.30) to its current level.
So far, it has reached $32.71 in today’s session and has not been able to distance itself from that low. That marks the lowest level for the issue since it bottomed on February 24 at $32.44.
On that same day, Goldman Sachs upgraded Ford Motor Company (NYSE: F) from Buy to Neutral. However, that put in place a high at $15.66 from which it has backed off; Ford traded recently at $14.84.
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