GM Falls on Abandoned Europe Break-Even Goal; Profit Drops
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General Motors Co., which hasn’t turned an annual profit in Europe in more than a decade, fell after rescinding its target for break-even results in the region as a quarterly loss there lowered overall profit.
GM plunged 11 percent to $22.31 at the close in New York, the biggest drop since its initial public offering almost a year ago. Europe operations lost $292 million before interest and taxes from June through September, the Detroit-based automaker said today in a statement, as it reported a 2.5 percent drop in third-quarter net income.