GM blew away Wallstreet by making a profit. Stocks Rise.

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	GM blew away Wallstreet by making a profit. Stocks Rise.

BitDrifter

7-26-2006 9:13 PM

341 views

tags:

gm, general motors, business, competition, profit, stocks, layoffs

BitDrifter says:

Technicially they lost 3.2 Billion, but that was because of "heavy charges for layoffs and early retirements." Without those charges they made a profit, which blew away Wall Street Expectations.

3 Comments |

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7-26-2006 9:19 PM

usmc6531

weren't they talking with Nissan about a merge? Could that be the key to the raise? I know they were talking about it......or i think I know they were lol

7-26-2006 9:28 PM

BitDrifter

I follow Car market, and Airplane market competition with my clipmarks, Please search for tag "competition" or "business" this will bring up the clips on the GM Nissan Talks, if you are interested.

7-27-2006 7:59 AM

usmc6531

Ok great =) I am interested to see whats going on

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/908eb191-a8c1-45b9-8bd2-3a1eb846e67b/C1621D8A-A190-4889-95FB-7A649B432756/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://abcnews.go.com/Business/wireStory?id=2240031" href="http://abcnews.go.com/Business/wireStory?id=2240031" style="font-size: 11px;">abcnews.go.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://abcnews.go.com/Business/wireStory?id=2240031"><P><STRONG>DETROIT Jul 26, 2006 (AP)</STRONG>— General Motors Corp. lost $3.2 billion in the second quarter because of heavy charges for layoffs and early retirements   part of its massive restructuring program. But, without those charges, the world's largest automaker scored a profit that blew Wall Street away and bolstered management's claim that the turnaround is working.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://abcnews.go.com/Business/wireStory?id=2240031"><P>GM shares rose $1.34, or 4.4 percent, to close at $32 on the New York Stock Exchange. They have traded in a 52-week range of $18.33 to $37.57.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://abcnews.go.com/Business/wireStory?id=2240031"><P>In North America, excluding special items, GM lost $85 million   $1.1 billion less than it lost in the second quarter of 2005.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://abcnews.go.com/Business/wireStory?id=2240031"><P>"Conventional wisdom is that you can't turn a ship as big as GM around quickly," GM Chairman and Chief Executive Rick Wagoner said in a statement. "We aim to prove that conventional wisdom wrong."
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