General Motors (GM) shares are rallying about 3%. CEO Mary Barra has authorized a $5 billion share repurchase plan and reiterated GM's intent to increase its quarterly dividend to $0.36 per share effective in the second quarter. That seems to satisfy activist investor Harry Wilson, who represents hedge funds that control about 2% of the shares. Wilson had said earlier that he would seek a board seat, but he's changed his mind, now that GM has agreed to the buyback plan. Since taking over as CEO Barra has dealt with massive vehicle recalls and safety issues, which not surprisingly have depressed the share price.
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Shares of designer Michael Kors Holdings (KORS) are down 4% after Sterne Agee cut its full year profit estimates for the company. The research firm is worried that bad weather is hurting sales and seasonal discounting has been higher than normal. It's been a tough year for the fashion house, with shares down about 15% in 2015.
Finally, Twitter (TWTR) has reason to chirp today, with shares ticking up after the team at J.P.Morgan (JPM) said the stock is worth $67 a share, which is about 41% above the current price. The bullish call focuses on Twitter's evolving video efforts, as well as upcoming distribution deals. Investors have been warming up to the social media upstart, whose stock is up more than 30% this year.
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