Thursday, May 03, 2007
GM earnings down 90%
FT.com: GM struck by subprime losses
General Motors’ first-quarter earnings withered by almost 90 per cent, with improved results from automotive operations more than offset by heavy subprime mortgage losses at GMAC, the financial services group in which the carmaker has a 49 per cent stake.
Posted by dohousescrashinthewoods @ 03:39 PM (183 views) Add Comment
7 Comments
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1. dobber said...
"GMAC reported a first-quarter loss of $305m on Wednesday, compared with earnings of $495m a year earlier. Its home-lending unit, ResCap, incurred a $901m loss."
$901m loss in the first quarter from subprime lending and GM's share price dives 4% today, well the party is underway.
2. millard said...
only 4% though, considering the hit thats not much of a fall, their share price is still up on 12 months ago, the market just doesn't make any sense at the moment!
3. harold said...
"General Motors’ first-quarter earnings withered by almost 90 per cent"
... with projected new car sales soon to follow.
4. dobber said...
Is General Motors going broke?
http://www.smh.com.au/news/business/is-general-motors-going-broke/2005/11/21/1132421602426.html
5. Randomkevlar said...
yep, much like the cars
6. lvmreader said...
GMAC's CDS was in the toilet in 2003. I was tracking them back then.
General Motors IS broke.
7. lvmreader said...
Flashback: What are Credit Default Swaps