Several traders noted that GM's Opel unit in Germany said they were in talk with workers to cut their hours due to weaker demand in Europe.
This doesn't seem like a big deal (maybe $45 million in savings), but this might be part of something bigger. GM has been working on a turnaround plan for some time, one analyst told me: "The bull case here is that once people become convinced that the losses in Europe have peaked (which is TBD — depends on the magnitude of cost savings), then they will likely begin to focus on the upside opportunity in North America, as the company benefits from a huge product cycle over the next 12-months."
Other autos up as well:
Ford up 1.3%,
Toyota up 2.7%,
Tata up 2.4%,
Honda up 2.2%.
Bear in mind that the biggest holder of GM is the U.S. government (32 percent) followed by the UAW (10 percent). But there are a lot of activist investors that own the stock that people like to follow: Greenlight Capital (1.1 percent), Apaloosa (0.3 percent), Citadel (0.1 percent), GAMCO (Mario Gabelli — 0.04 percent). They may be adding to positions.
—By CNBC’s Bob Pisani
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