MarketPulse: General Motors Races Higher on Upbeat Outlook

11/01/2019 17:55:46 Stock Market – General Motors rallied Friday, driving automakers higher after it delivered an upbeat outlook on performance.

General Motors (NYSE:GM) lifted its full-year 2018 earnings guidance, and touted more gains for 2019, suggesting there's more road for its shares to advance, according to analysts. Its shares surged 9%.

The automaker forecasts adjusted earnings in 2019 to be between $6.50 and $7 a share.

Earnings a share for 2018, meanwhile, is expected to top previous guidance given on Oct. 31, when the company predicted profits of between $5.80 and $6.20 a share.

Bank of Montreal upgraded its rating on General Motors to an outperform, citing a brighter outlook for "GM Cruise in 2019 and positive impacts from restructuring."

The upbeat outlook from General Motors comes as the automaker prepares to launch Cadillac as its flagship electric brand in a bid to make up ground on EV leader Tesla, Reuters reported late Thursday.

Other auto stocks raced higher in the wake of GM's upbeat announcement.

Ford Motor (NYSE:F) rose 2.02%, while Fiat Chrysler Automobiles (NYSE:FCAU) gained 2.15%.