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In the Premarket trading session on Monday, General Motors stock was trading at 36.23- higher by 0.83% compared to Friday’s closing price.
In recent news, Canadian union officials said on Sunday that the automaker is planning a major announcement today. The announcement could involve a shutdown of a major assembly plant in Ontario, according to the union.
Unifor, which represents most unionized autoworkers in Canada, said it had been informed by the company that there would be no product allocated to the plant in Oshawa after December 2019, a development that would affect production at the plant.
The union statement came after a Canadian TV news channel said General Motors was planning to close all operations at the plant in Oshawa, near Toronto.
The automaker is expected to announce as soon as this week some involuntary salaried layoffs after it did not get as many volunteers to accept buyouts as hoped, according to sources. Further, the company said on 31st Oct. that about 18K of its 50K salaried employees in North America are eligible for the buyouts.
The stepped-up cost-cutting and restructuring at General Motors comes as many industry executives predict that overall vehicle sales in the US will decline further in 2019 and 2020.
The stock is expected to open higher on Monday. Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 36.00 TAKE PROFIT AT 36.60 STOP LOSS AT 35.70