Gm Slices And Gm Slashes, But The Flab Survives

In the wake of a sobering directors' meeting on Dec. 9, General Motors Corp. is preparing a major cost-cutting initiative that Chairman Robert C. Stempel bills as "a comprehensive program to improve profitability." Write-offs and plant closings seem likely. But many stock analysts already fear that the plan, scheduled to be announced on Dec. 18, won't do enough. In the days before the announcement, GM's stock skidded below $27 a share, a four-year low.

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