GM roars past forecasts

[Nordmadr]

Nation's No. 1 automaker posts much stronger than expected earnings as revenue tops forecasts on improved North American sales.
October 25 2006: 8:27 AM EDT


NEW YORK (CNNMoney.com) -- General Motors posted third quarter operating profit that nearly doubled Wall Street's earnings expectations as its turnaround efforts continued to show results.

The nation's No. 1 automaker earned $529 million, or 93 cents a share excluding special items, compared with a loss of $1.1 billion, or $1.92 a share on that basis a year earlier.

Analysts surveyed by Briefing.com had forecast earnings of only 49 cents a share in the period.

Shares of GM (Charts), a Dow component, gained 1.4 percent in pre-market trading following the report, helping to to lift stock futures towards a higher open for U.S. markets.


http://money.cnn.com/2006/10/25/news/companies/gm_earnings/index.htm?cnn=yes

Does it occur to anyone else, that the only reason these copmpaines such as GM are recovering is at thet total expense of their work force? I find it disturbing and sad that the rich people running these businesses (also airline industry) can return to profitability after delcaring bankruptcy and voiding responsibilities to pesnions on folks that have often worked for these companies most of their lives. So some rich folks can ow gt richer, and the average worker is left either without a nest egg they had planned on, or looking for another job. Perhaps I'm wrong about my interpretation, and I'm happy to be corrected, but it just seems like a totally broken system to me. An individual or family can have a hell of a time declaring bankruptcy, yet corporations can do it like no tomorrow. How much more do we have to favor the rich over the regular Joe? Good for GM, but what about the thousands of people they've f*cked?

Cranky Olafr

[Burried News]

1. Wonder what their profits are from all the Humvees they

are shipping to Iwreck?

[acmejack]

2. You're not wrong about a thing Olaf!

The only thing they're not doing is kissing us when they're finished...

[LeftHander]

3. Pontiac Solstice...

Keep making cars like that...and they will survive.

[Nordmadr]

4. I feel like sometimes I'm being overpessimistic, but this will clearly get spun as a

positive when the reality is, that thousands of people are now out of pretty good paying jobs that aren't being replaced in another sector with other good paying jobs. But hey, the stock market is at a record high so what do I know. I think if I fully and truly understood all of the actual economic mechanisms that make this system go "for real" I'd have to lock myself away. Just the hint of understanding it upsets me. It gets real hard these days to filter through all of the shit to get to the truth. Is the truth so hard for everyone in the world to deal with?

[Nordmadr]

5. Should have proof read that first post, my typing sucks. N/T