GM earnings report delayed, NYSE halts shares

[jamz]

Filed under: GM, Earnings/Financials
General Motors was supposed to issue a press release detailing its third quarter earnings results at 10:30AM EST this morning, a time which has come gone without a word from the General. As a result, the New York Stock Exchange suspended trading of the automaker's stock at 11:04AM pending the results. An interview that GM CEO Rick Wagoner had scheduled on Bloomberg Television to coincide with the earnings announcement at 10:30AM has also reportedly been pushed back to 12:55PM. The automaker is mum on what's taking so long to release its Q3 report, which is widely expected to contain terrible earnings news. While some are suggesting that the delay implies these results will be worse than expected, we don't see how waiting a few extra hours is going to change the numbers one way or another. We do, however, expect GM not to sugar coat its poor financial performance in the third quarter, as the louder it screams the sky is falling, the more likely the federal government will step in with more low-interest loans or even a cash injection. Stay tuned, we'll report when the numbers finally arrive.

[Source: Bloggingstocks]GM earnings report delayed, NYSE halts shares originally appeared on Autoblog on Fri, 07 Nov 2008 11:45:00 EST. Please see our terms for use of feeds.


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