General Motors Trends Down; Bank of America Pops on Earnings; Boeing Slides on China News
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Show Notes
On this episode of Stock Movers:
- Bank of America (BAC) is higher this morning after it reported strong earnings with big bank earnings wrapping up this week. Chairman and CEO Brian Moynihan also said that the bank will have to potentially face changing economic conditions.
- General Motors (GM) is selling off after yesterday's gains that came when President Trump signaled he's looking to pause auto tariffs so car companies can adjust to the duties. The president says the automakers will "need a little more time" to adjust to manufacturing auto parts in the US.
- Boeing (BA) is lower this morning on a headline that China has ordered its airlines to stop taking deliveries of Boeing jets and to halt purchases of aircraft-related equipment and parts from US companies. The move is seen as part of the ongoing trade war between the US and China, with China imposing retaliatory tariffs of 125% on American goods, including aircraft and parts.
- PepsiCo (PEP) is lower after Bank of America analyst Bryan Spillane downgraded the company to Neutral from Buy with a $155 price target, citing Frito-Lay North America growth likely remaining below the long-term trendline this year.
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