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Non-Tech : GM - General Motors
GM 68.31-0.7%12:17 PM EST
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From: JakeStraw3/21/2005 11:36:47 AM
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GM shares open lower on job cuts report
SAN FRANCISCO (MarketWatch) -- General Motors shares fell 1.8 percent to $28.11 at the open Monday on reports the nation's No.1 automaker plans to cut white-collar jobs as part of its efforts to bring down costs. The company plans to cut salaried staff by up to 28 percent in some departments, according to a report in the Wall Street Journal. Banc of America equities analysts also reiterated a "sell" recommendation on the company. GM last week slashed its 2005 earnings outlook to $1 to $2 a share from an earlier forecast of $4 to $5 a share, an announcement that sent the conmpany's stock to lows not seen in a decade.
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