General Motors Turns to Profit Despite Falling RevenueSAN FRANCISCO (MarketWatch) -- General Motors Corp. shares rose Tuesday after the Detroit giant said it reversed its second-quarter loss from a year ago with all four of its global automotive segments, including the key North America market, posting profits.
The Dow Jones Industrial Average component's shares rose more than 6% in early trading and were last up about 94 cents, or 3%, at $33.57. The stock has traded in the range of $28.49 to $38.66 during the last year.
"GM still has a long road ahead in terms of the turnaround, but this earnings report is further evidence that the plan is working," said Mainstay Capital Management's David Kudla, an asset manager who handles more than $500 million for thousands of auto employees and retirees.
GM said it swung to a profit last quarter of $891 million, or $1.56 a share, from a loss of $3.4 billion, or $5.98 a share, a year ago.
For Complete Story Click HERE