Losses eight times larger than average Wall Street forecasts, and we still depend on those same analysts when it comes to the stock market, economy and other important stuff?
General Motors Corp (GM.N) posted its largest quarterly net loss on Wednesday, reflecting a $39-billion charge related to unclaimed tax credits and a loss at its former finance subsidiary GMAC.
The largest U.S. automaker posted a third-quarter net loss of $39 billion, or $68.85 per share, compared with a loss of $147 million, or 26 cents per share a year earlier.
Excluding one-time items, GM reported a net loss of $1.6 billion, or $2.80 per share. The loss on that basis was about eight times larger than the average Wall Street forecast.
Imagine how things would be if those analysts decided to mess with our heads. I can’t imagine losing $39 billion. I get sick when I can’t find the $20 I had on me the night before.
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