General Motors Corp. (NYSE:GM) is trading down sharply after disclosing huge charges last night. The auto giant posted $43.1 Billion in quarterly revenues GM does note that ongoing challenges in the U.S. mortgage market is impacting GM income from GMAC. The company is recording a $39 billion allowance on deferred tax assets, although the company is also claiming that its liquidity position improved to $30 billion.
GM also noted that its global sales were a record. Unfortunately its core operations were still at a loss. Excluding special items, GM had a 2007 third-quarter adjusted net loss of $1.6 billion, or $2.80 per diluted share, compared to net income of $497 million, or $.88 per diluted share, in the year-ago quarter. If you trust the estimates, it appears that First Call was -$0.11 EPS & $40.28 Billion in revenues.
Shares are down 8% pre-market at $33.25, and the 52-week range is $28.49 to $43.20. Unfortunately, this and the weak dollar are adding to early indications of a significantly lower DJIA this morning.
Jon C. Ogg
November 7, 2007
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