General Motors Co (NYSE:GM) stock is one of the best names on the New York Stock Exchange (NYSE) today, last seen up 12.1% to trade at $65. The automaker reported adjusted third-quarter earnings of $2.80 per share on $48.60 billion in revenue, both of which outpaced estimates. While hiking its full-year guidance, GM also reduced the expected impact of tariffs this year to between $3.5 billion and $4.5 billion.
The auto stock is on track for its best single-session gain since March 2020, and hit a four-year high of $65.64 straight out of the gate. The shares had suffered two-straight weekly losses to start the month, but the damage was contained by their 80-day moving average. Now, GM has filled that gap and is nearly 20% higher year to date.
Analyst revisions have yet to come in, but could be on the way. Of the 29 brokerages covering the stock, 14 maintain "hold" or worse ratings, while the consensus 12-month price target of $62.85 is now a 2% discount to its current perch.
Puts have been more popular than usual over the last two weeks. GM's 10-day put/call volume ratio of 1.01 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 76% of readings from the past year.
Today is a different story, however. Over 41,000 calls have changed hands already this morning, volume that's 15 times the average intraday amount. The weekly 10/24 65-strike call is the most popular, while the November 60 call is also seeing notable activity.
