GM initiates $10 billion buyback, boosts dividend and reinstates 2023 guidance after UAW strikes
Publishing timestamp: 2023-11-29 09:30:53
Summary
General Motors is taking several initiatives to regain Wall Street's confidence, including initiating a stock buyback, increasing its dividend, and reinstating its full-year 2023 guidance. The company plans to offset the costs of labor agreements and reduce capital intensity. GM's stock price jumped 10% following the announcement. The company also provided updated financial outlooks for various metrics. GM is addressing challenges at its autonomous vehicle subsidiary, Cruise, and plans to spend less on Cruise next year. The article also mentions the recall of Cruise's robotaxis and the resignation of Cruise CEO Kyle Vogt.
Sentiment: POSITIVE
Keywords: mary barra, bank of america corp, transportation, autos, breaking news: business, earnings, goldman sachs group inc, citigroup inc, labor economy, general motors co, detroit, dividends, business, business news,
Source: https://www.cnbc.com/2023/11/29/gm-buyback-dividend-guidance.html