Magna International (MGA) shares jumped in pre-market trading on Friday, despite the company reporting a miss on both earnings and revenue for the third quarter. While sales and earnings were impacted by lower global light vehicle production, the company’s CEO expressed confidence in navigating industry headwinds. Notably, Magna has resumed share repurchases and revised its full-year outlook, suggesting optimism despite the challenging market environment.
Magna International Inc., a leading global automotive supplier, reported its financial results for the third quarter of 2024, revealing a decline in sales due to lower global light vehicle production. Despite the challenging market conditions, the company highlighted its commitment to optimizing value creation and announced a resumption of share repurchases.
Magna International Inc. (NYSE: MGA), an auto parts manufacturer, experienced a surge in options activity on Monday, with total options volume reaching 119,018 contracts, a significant increase compared to its one-month average. This activity suggests increased interest in MGA stock, potentially due to speculation about a resurgence in demand for auto parts.
