Investors cheered a solid third quarter at General Motors as the automaker's performance and confidence tamped down growing fears of a global recession
GM shares were up nearly 2% in early trading on Tuesday as the company's strong North American truck sales and prices drove a higher quarterly profit that beat analysts' estimates.
Wedbush analyst Dan Ives in a research note called the results a "major step in the right direction for the Detroit stalwart." GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76.The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. Revenue jumped to $41.9 billion, from $26.8 billion a year ago.