Mixed signals for automaker shares on sales day
NEW YORK (AP) — Shares of the major automakers were mixed as investors digested reports on car and truck sales for September.
General Motors Co. shares rose more than 3 percent after the company had its best September sales since 2008 even as truck sales fell. Media reports also said hedge fund manager David Einhorn told attendees at a conference on value investing that GM shares are undervalued.
But Ford shares fell after the Dearborn, Mich., automaker said its sales were flat because its truck sales also fell last month.
U.S.-traded shares of Toyota Motor Corp. were slightly lower although Japan's largest automaker said sales rose 42 percent. Honda Motor Co. shares also fell slightly while Nissan Motor Co. shares had a slight gain. Both report sales later Tuesday.
AutoNation Inc. shares gained 2.2 percent to $44.51. The nation's largest automotive retailer hit an all-time high of $44.69 during morning trading.
GM added 75 cents, or 3.3 percent, to $23.84. Ford slipped 14 cents, or 1.4 percent, to $9.80.