Ford and General Motors shares tumble after UBS downgrade

Ford (F.US), General Motors (GM.US) - shares of both automakers fell 6.8% and 5.4% respectively after UBS downgrade. Investment banks believe that the auto industry is rapidly moving toward vehicle oversupply following three years of unprecedented pricing power.

General Motors (GM.US) stock launched today's session with a bearish price gap, however buyers are trying to erase losses. Nevertheless as long as price sits above key support at $30.40, another upward impulse may be launched. Source: xStation5

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