General Motors was supposed to issue a press release detailing its third quarter earnings results at 10:30AM EST this morning, a time which has come gone without a word from the General. As a result, the New York Stock Exchange suspended trading of the automaker's stock at 11:04AM pending the results. An interview that GM CEO Rick Wagoner had scheduled on Bloomberg Television to coincide with the earnings announcement at 10:30AM has also reportedly been pushed back to 12:55PM. The automaker is m
Gm Third Quarter Earnings
General Motors announced its third quarter earnings today and surprised Wall Street by revealing a $38.6 billion charge on the books that represents a change in tax accounting required by the Financial Accounting Standards Board's Statement of Financial Accounting Standards. That huge number represents tax credits the automaker can't account for until it actually earns the taxable income to which it applies.
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