11/29/2023, 2:11 PM (Source: TeleTrader)
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GM surges 8% premarket after guidance update

General Motors Co. stock soared by more than 8% during premarket trade, after the company revealed its guidance for the full fiscal year 2023.

The automaker said it expects its net income in 2023 to stand between $9.1 billion and $9.7 billion, while its diluted EPS is anticipated to be in the range of $6.52 and $7.02. Additionally, GM announced it plans to launch a $10 billion accelerated share buyback program and to increase its common share dividend by 33% from January 2024.

General Motor's shares climbed 8.58% at 8:12 am ET, selling for $31.37 apiece.

Baha Breaking News (BBN) / JJ