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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: TH who wrote (13431)	10/14/2004 9:51:27 AM
From: mishedlo	Read Replies (1) of 116555

GM misses by a mile No. 1 automaker 3Q earnings well short of forecasts; cuts '04 earnings target. October 14, 2004: 8:27 AM EDT money.cnn.com NEW YORK (CNN/Money) - General Motors Corp. posted third quarter earnings Thursday that stopped well short of Wall Street expectations for the period and cut its earnings outlook for the full The world's No. 1 automaker earned $440 million, or 78 cents a share, little changed from the $448 million, or 80 cents a share, it earned from continuing operations in the year-earlier period. Analysts surveyed by earnings tracker First Call forecast EPS of 96 cents in the most recent period. The automaker, which earlier Thursday announced plans to cut up to 12,000 jobs in Europe in order to stem losses there, said it now expects full-year earnings to be between $6 and $6.50 a share, excluding special items. That's down from its earlier guidance of about $7 a share. First Call's forecast had been for full-year earnings of $7.05 a share. Shares of GM (Research), a component of the Dow Jones industrial average, lost $1.28 to $40.02 in pre-market trading on Inet following the earnings report...........

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