Akerson’s Optimism Fuels 52-Week High for GM
General Motors (NYSE:GM) hit a fresh 52-week high of $30.28 on Wednesday morning following comments made by CEO Dan Akerson at a roundtable in Detroit. Shares have advanced 45 percent over the past six-month period, 28 percent for the past 52-week period, and are now trading near levels not seen since July 2011.
This tremendous growth comes on the back of a mix of catalysts. GM’s market share in the United States dropped about 1.7 points to 17.9 percent in 2012, as low as it has ever been. Some analysts have pointed to the drop as a sign of weakness heading into 2013, but the leader of the country’s largest car maker dismisses bearish claims with humble optimism.
Market share growth in the U.S. may be modest, argues Akerson, but the company is still the biggest player in town. Ford (NYSE:F) comes in second place with a 2012 market share of 15.5 percent, which also contracted about 1.3 points from 2011. It’s not softness on GM’s part that caused its market share to drop, but the aggressive recovery of Japanese competitors…