GM Shares Drop Despite Strong Q3 Profit
General Motors reported a strong third-quarter profit driven by high truck sales but lowered its annual outlook. Shares fell as the automaker warned of rising commodity and logistics costs.
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GENERAL MOTORS CO posted a 22% rise in third-quarter adjusted EBIT to $4.1 billion, topping Wall Street projections. The automaker tightened its full-year earnings forecast, with the midpoint falling below analyst expectations. Shares fell 5% during morning trading on Tuesday as investors weighed rising cost pressures.
