Wednesday, July 20, 2005

GM

Second verse, same as the first. Reuters (07.20.05):
"General Motors Corp. posted an unexpected second-quarter loss on Wednesday as its core North American automotive business lost more than $1 billion." GM posts quarterly loss
"Like cross-town rival Ford Motor Co., GM has been hard hit by this year's dramatic slowdown in sales of mid- and full-sized sport utility vehicles, its most profitable models." Who woulda thunk the price of gasoline would go up? "The result capped a nightmarish quarter for GM, which is struggling to regain market share from Asian rivals led by Toyota Motor Corp. and saw its debt cut to 'junk' status by the Standard & Poor's rating agency in May." Fitch followed suit later that month.

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