What's Going On With Ford Stock Tuesday?

Ford Motor Co F shares popped premarket Tuesday in sympathy with shares of General Motors Co GM, which jumped after the company reported strong second-quarter earnings results and raised guidance.

What Happened With GM: General Motors reported second-quarter revenue of $47.969 billion, beating analyst estimates of $45.302 billion, according to Benzinga Pro. The automaker reported quarterly adjusted earnings of $3.06 per share, beating estimates of $2.72 per share.

“As I hope you can see from our results, our new products, the progress at Cruise and our higher guidance, we are making the most of every opportunity. It was truly a great first half. And we have the products, discipline and strategies to drive future success,” said Mary Barra, chair and CEO of GM.

GM raised its 2024 adjusted earnings guidance from a range of $9 to $10 per share to a new range of $9.50 to $10.50 per share versus estimates of $9.71 per share.

GM raised its 2024 EBIT-adjusted guidance from a range of $12.5 billion to $14.5 billion to a new range of $13 billion to $15 billion. The company also raised its 2024 automotive operating cash flow guidance from a range of $18.3 billion to $21.3 billion to a new range of $19.2 billion to $22.2 billion.

GM shares were up about 4.5% on the back of earnings at last check. GM and Ford are two of the biggest automakers in the United States.

Check This Out: GM’s Cruise Abandons Pedal-less Origin Autonomous Vehicle, Pivots To Next-Generation Chevrolet Bolt Instead

What To Expect From F: Ford is due to report financial results for the second quarter after the market close on Wednesday.

Analysts expect the automaker to report earnings of 68 cents per share on quarterly revenue of $43.756 billion, according to estimates from Benzinga Pro.

In the second quarter of 2023, Ford beat analyst estimates on the top and bottom lines, delivering earnings of 72 cents per share and revenue of $42.427 billion.

F Price Action: Ford shares pared gains and were roughly flat at $14.11 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Ford.