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General Motors 5% Lower as It Hitches Ride to Crosstown Rival

TheMotleyFool

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General Motors 5% Lower as It Hitches Ride to Crosstown Rival: https://g.foolcdn.com/editorial/images/701699/2022-gmc-hummer-ev-030-1a.jpg

As the markets opened Tuesday, General Motors (NYSE: GM) found itself trading 5% lower as of 10:50 a.m. EDT, as it figuratively hitched a ride to bad news out of crosstown rival Ford Motor Company (NYSE: F). Here's what investors need to know.

It's not uncommon for major companies to warn investors of negative news before quarterly results are fully in the books, and that's exactly what Ford did late Monday when it warned that it would record roughly $1 billion extra in costs during the third quarter due to supply chain issues and inflation.

GMC HUMMER EV. Image source: General Motors press gallery.

Source Fool.com

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