Per a Reuters report, General Motors Company (GM - Free Report) has agreed to settle lawsuits moved by 203 plaintiffs pertaining to the defective ignition switches in vehicles. In fact, the auto behemoth has been facing several federal lawsuits over defective ignition switches that could cause engines to halt and thwart airbags from deploying in the event of crashes.
General Motors has been facing various issues for delaying the recall of 2.6 million vehicles with defective ignition switches, which can lead to shutting down of the engine and preventing the deployment of front air bags in the event of a crash. The company issued a recall in Feb 2014, although the problem was identified back in 2001. Per the report, the defect caused 124 deaths and 275 injuries and the Detroit, MI-based automaker has paid about $2.5 billion in penalties and settlements pertaining to the defect.
Although the terms of the settlement are confidential, it is expected to resolve several state court claims too.
General Motors has underperformed the Zacks categorized Automotive - Domestic industry in the last three months. The company’s share price has declined 2.9%, while the industry has gained 6.2%.
Currently, General Motors carries a Zacks Rank #3 (Hold).
Other favorable stocks in the auto space include Allison Transmission Holdings, Inc. (ALSN - Free Report) , Ferrari N.V. (RACE - Free Report) and Fox Factory Holding Corp (FOXF - Free Report) . While Allison Transmission Holdings and Ferrari sport a Zacks Rank #1 (Strong Buy), Fox Factory Holding holds a Zacks Rank #2 (Buy)
You can see the complete list of today’s Zacks #1 Rank stocks here.
Expected long-term growth rate for Allison Transmission Holdings Ferrari and Fox Factory Holding are 11%, 14.1% and 15.6%, respectively.
Sell These Stocks. Now.
Just released, today's 220 Zacks Rank #5 Strong Sells demand urgent attention. If any are lurking in your portfolio or Watch List, they should be removed immediately. These sinister companies because many appear to be sound investments. However, from 1988 through 2016, stocks from our Strong Sell list have actually performed 6X worse than the S&P 500.
See today's Zacks "Strong Sells" absolutely free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Per a Reuters report, General Motors Company (GM - Free Report) has agreed to settle lawsuits moved by 203 plaintiffs pertaining to the defective ignition switches in vehicles. In fact, the auto behemoth has been facing several federal lawsuits over defective ignition switches that could cause engines to halt and thwart airbags from deploying in the event of crashes.
General Motors has been facing various issues for delaying the recall of 2.6 million vehicles with defective ignition switches, which can lead to shutting down of the engine and preventing the deployment of front air bags in the event of a crash. The company issued a recall in Feb 2014, although the problem was identified back in 2001. Per the report, the defect caused 124 deaths and 275 injuries and the Detroit, MI-based automaker has paid about $2.5 billion in penalties and settlements pertaining to the defect.
Although the terms of the settlement are confidential, it is expected to resolve several state court claims too.
General Motors has underperformed the Zacks categorized Automotive - Domestic industry in the last three months. The company’s share price has declined 2.9%, while the industry has gained 6.2%.
Currently, General Motors carries a Zacks Rank #3 (Hold).
Other favorable stocks in the auto space include Allison Transmission Holdings, Inc. (ALSN - Free Report) , Ferrari N.V. (RACE - Free Report) and Fox Factory Holding Corp (FOXF - Free Report) . While Allison Transmission Holdings and Ferrari sport a Zacks Rank #1 (Strong Buy), Fox Factory Holding holds a Zacks Rank #2 (Buy)
You can see the complete list of today’s Zacks #1 Rank stocks here.
Expected long-term growth rate for Allison Transmission Holdings Ferrari and Fox Factory Holding are 11%, 14.1% and 15.6%, respectively.
Sell These Stocks. Now.
Just released, today's 220 Zacks Rank #5 Strong Sells demand urgent attention. If any are lurking in your portfolio or Watch List, they should be removed immediately. These sinister companies because many appear to be sound investments. However, from 1988 through 2016, stocks from our Strong Sell list have actually performed 6X worse than the S&P 500.
See today's Zacks "Strong Sells" absolutely free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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