Mixed signals for automaker shares on sales day
NEW YORK -- Shares of the major automakers were mixed as the industry reported another month of strong sales.
General Motors Co. shares rose more than 2 percent after the company said increased car sales offset a decline in truck sales in September. Media reports also said hedge fund manager David Einhorn told attendees at a conference on value investing that GM shares are undervalued.
Ford shares fell after the Dearborn, Mich., automaker said its sales were flat because higher car sales couldn't make up for a decline in truck sales.
U.S.-traded shares of Toyota Motor Corp. were slipped 22 cents to $76.85 although Japan's largest automaker said sales rose 42 percent. Honda Motor Co. sales rose 31 percent but its shares dropped a penny to $30.58.
Nissan Motor Co. shares rose 11 cents to $16.84 although September sales declined by 1 percent.
AutoNation Inc. shares gained 2.4 percent to $44.55. The nation's largest automotive retailer hit an all-time high of $44.69 during morning trading.
GM added 59 cents, or 2.6 percent, to $23.68. Ford slipped 14 cents, or 1.4 percent, to $9.79.