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
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
