Companies that report earnings in the mornings, usually release results at 8:30 AM ET. General Motors (NYSE: GM) was supposed to release third quarter earnings this morning, but they haven't yet. When I checked the web site, there is a note that the results will be posted at "approximately 10:30 a.m."Now it is 10:45. Where are they? We're waiting GM.
Ford Motor Co. (NYSE: F) already announced this morning, reporting a modest $129 million loss (thanks to some beneficial accounting), but that it had burned through $7.7 billion in cash.
Update: 11:15 AM: General Motors shares have been halted. There is clearly some very bad news coming. And still no earnings.
11:45 AM: The results are out and they ain't good. Looks like GM could run out of cash some time in 2009 if it can't turn things around.
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Reader Comments (Page 1 of 1)
11-07-2008 @ 12:04PM
Bill said...
We better hurry up and help them take over Chrysler, based on these results it looks like they have earned the right to save that company too. I wonder if the management team qualifies for their bonuses? Don't you think its time to fire the whole bunch and look for some winners.
11-07-2008 @ 12:20PM
Bob said...
Do not spend more than what comes in. What if the car/truck buyers get a tax incentive to buy GM. Let the buyers, not the government, decide the out come.
11-07-2008 @ 2:10PM
ken said...
its time to help the people on our side of the fence. we need gm ford its time to wake up people and BUY in america.
11-10-2008 @ 2:24PM
DON said...
THE GOVERNMENT SIMPLY CAN NOT ALLOW OUR MAJOR AUTOMOTIVE MFG'RS TO GO UNDER. ENORMOUS AMOUNTS OF THE POPULATION DEPENDS ON THE AUTOMOTIVE MARKET. EVEN MORE, WHEN/IF OUR NATION HAS A MILITARY CRISIS, WHO WILL BUILD OUR EQUIPMENT---KOREA OR JAPAN? THIS IS ONE INDUSTRY THE NATION DEPENDS ON MORE THAN THEY CARE TO ADMIT. JUST TAKE A MOMENT AND THINK THINGS THRU IF FORD AND GM ARE NO MORE. WHO DON'T YOU KNOW WHO WILL NOT BE AFFECTED? I HAVE NO ADVISE, JUST WANTED TO MENTION HOW SERIOUS THIS IS TO EVERY CITIZEN. WE CAN'T KEEP BAILING OUT EVERYONE BUT SOME AREAS NEED SUPPORT MORE THAN OTHERS.