General Motors stopped funding the development of its Cruise robotaxi
General Motors Co (NYSE:GM) stock is down 1.3% to trade at $52.07 at last check, amid news that the company stopped funding the development of its Cruise robotaxi. Though the automaker had already spent $10 billion on the self-driving unit, it is now planning to focus on advanced driver assistance systems and autonomous systems for personal vehicles.
GM has been pulling back from a Nov. 25, two-year high of $61.24, but a familiar floor at the $50 level looks ready to contain any additional losses. The security also has support from the ascending 60-day moving average, which has been in place since early October. GM sports a 65.4% year-to-date lead.
Short-term options traders lean pessimistic toward General Motors stock, per its Schaeffer's put/call open interest ratio (SOIR) that stands higher than 91% of readings from the past 12 months.