In this articleGMFollow your favorite stocksCREATE FREE ACCOUNTGeneral Motors CEO Mary Barra, center, at the New York Stock Exchange, Nov. 17, 2022.Source: NYSEDETROIT – General Motors on Tuesday announced a new $6 billion stock repurchase authorization has been approved by its board.The new buyback authorization comes as an accelerated $10 billion share repurchase program announced in November 2023 is expected to be completed by the end of this month.”We are very focused on the profitability of our [internal combustion engine] business, we’re growing and improving the profitability of our EV business and deploying our capital efficiently. This allows us to continue returning cash to shareholders,” GM CFO Paul Jacobson said in a release.The new authorization will allow GM to opportunistically repurchase shares after the completion of the existing reauthorization, the automaker said. A timeframe for completion of the program was not announced.Shares of GM were up 1% in premarket trading. The stock closed Monday at $47.57, up about 32.4% this year.The announced buyback plans come amid uncertainty surrounding the adoption of all-electric vehicles, which GM has bet heavily on, and stalling customer demand for new vehicles. “The investments GM made in its brands and product portfolio over the last several years, and the company’s operating discipline, are delivering consistently strong revenue growth, margins and free cash flow,” Jacobson said.Don’t miss these exclusives from CNBC PRONvidia could one day be an unprecedented 15% of the S&P 500, predicts Evercore ISIBeyond the Magnificent 7: Morgan Stanley fund manager says diversify with these 2 stocksGoldman Sachs downplays the Nvidia stock split hype, sees little impactMorningstar calls this ETF the ‘gold standard’ for dividend funds. Here’s why …
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[mwai_chat context=”Let’s have a discussion about this article:nnIn this articleGMFollow your favorite stocksCREATE FREE ACCOUNTGeneral Motors CEO Mary Barra, center, at the New York Stock Exchange, Nov. 17, 2022.Source: NYSEDETROIT – General Motors on Tuesday announced a new $6 billion stock repurchase authorization has been approved by its board.The new buyback authorization comes as an accelerated $10 billion share repurchase program announced in November 2023 is expected to be completed by the end of this month.”We are very focused on the profitability of our [internal combustion engine] business, we’re growing and improving the profitability of our EV business and deploying our capital efficiently. This allows us to continue returning cash to shareholders,” GM CFO Paul Jacobson said in a release.The new authorization will allow GM to opportunistically repurchase shares after the completion of the existing reauthorization, the automaker said. A timeframe for completion of the program was not announced.Shares of GM were up 1% in premarket trading. The stock closed Monday at $47.57, up about 32.4% this year.The announced buyback plans come amid uncertainty surrounding the adoption of all-electric vehicles, which GM has bet heavily on, and stalling customer demand for new vehicles. “The investments GM made in its brands and product portfolio over the last several years, and the company’s operating discipline, are delivering consistently strong revenue growth, margins and free cash flow,” Jacobson said.Don’t miss these exclusives from CNBC PRONvidia could one day be an unprecedented 15% of the S&P 500, predicts Evercore ISIBeyond the Magnificent 7: Morgan Stanley fund manager says diversify with these 2 stocksGoldman Sachs downplays the Nvidia stock split hype, sees little impactMorningstar calls this ETF the ‘gold standard’ for dividend funds. Here’s why …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
