GM shares are rising as the automaker boosts leadership and cuts costs, while Spotify shares are moving ahead after reporting a growing user base and raising prices for its services. Here’s what investors need to know today.
1. GM increases consulting and cuts costs
General Motors (GM) increased its year 2023 knowledge and reported quarterly revenue of $44.75 billion, beating analysts’ expectations of $42.64 billion. The automaker also said it would increase cost-cutting measures through next year, with $3 billion in spending cuts now planned, compared with $2 billion in the company’s previous guidance. GM shares were trading 0.8% higher in premarket trading.
2. Spotify shares rise as prices increase, users grow
Swedish music streaming service Spotify (POINT) will increase the premium subscription price by up to $2, or 20%, on some plans. In its Q2 earnings report, Spotify increased its number of monthly active users to 551 million, beating estimates of 530 million and a 27% year-over-year improvement. Spotify shares rose 3.5% in premarket trading.
3. Goldman Sachs shares fall after analyst downgrade
Citi analysts downgraded Goldman Sachs (GS) to “Neutral” from “Buy” but also raised his price target on the bank’s stock to $400 from $370. The note said analysts found Goldman’s target of 15% to 17% return on equity was achievable, but that more time would be needed, as well as a better investment banking environment. Goldman shares traded 0.8% lower in premarket trading.
4. Apple is considering raising the price of the iPhone Pro
Apple (AAPL) is reportedly considering raising the price of its iPhone Pro when the new model comes out this fall. As of 2019, US prices for the high-end iPhone Pro are $999. Apple shares were trading 0.3% higher in premarket trading.
5. Consumer Confidence Index Expected higher
Conference Board Consumer Confidence Index It is expected to rise to 112 in July, up from June’s 109.7 when the data is released at 10 a.m. ET. also today S&P Case-Shiller Home Price Index will be released at 9:00 a.m. ET, with the 20-city index expected to show a 1.9% decline in home prices in May, following a 1.7% decline the previous month.