General Motors shed 7.5% into the close, the worst showing across 387 priority names and nearly double the next-biggest decline. GoPro and Clover Health anchored the other end, each up more than 7.5%.
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North America carried the quarter with EBIT-adjusted up 43.4% to $3.59 billion, enough to offset weakness in international profit and China equity income. Management raised adjusted automotive free cash flow guidance to $11.5 billion to $12.5 billion, a sixth straight quarter of topping estimates.
General Motors authorized a new $20 billion repurchase program, equal to roughly 27.5% of its entire market value, one of the largest buyback mandates Detroit has ever put on the table.
General Motors authorized a $20 billion buyback against a $72.6 billion market cap, a move to retire roughly a quarter of the company's shares. It also lifted the quarterly dividend 20% to $0.18 a share, payable December 17 to holders of record December 4.
A 16-quarter EPS beat streak goes on the line at 6:30 AM ET, with analysts looking for $3.63 a share. The last four quarters all landed ahead of estimates, so anything short resets how the market prices this automaker.
Arm's 8.5% slide was the deepest move in a 111-stock priority list at Wednesday's close, with Bruker leading the upside at 7.5%.
Bitcoin miners owned Thursday's close, led by Marathon Digital finishing 13.5% higher, with Cipher Mining and Iren both up 7% or more. Large-cap losses ran heavier than usual, with Qualcomm off 5.66% and General Motors down 4.93%.
A 4.8% intraday slide to $82.21 knocks roughly $3.5 billion off the automaker's $74.4 billion market value in a single session. Whether the $86.35 open gets reclaimed by the close is the level to keep an eye on.
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