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General Motors Slashes 2005 Earnings Estimate, S&P Cuts GM's Outlook to Negative
General Motors Corporation revised its 2005 earnings estimate to $1 to $2 per share, from its previous estimate of $4 to $5 per share. Standard & Poor's, one of three prominent bond rating agencies, responded by changing its outlook for GM's bond rating, currently one notch above junk, to negative from stable and warned that a downgrade of GM's long-term debt rating to junk may occur at any time, were it to conclude that 2006 prospects warranted it.
The U.S. consumer shift toward quality and out of GM products has made selling GM cars and trucks difficult of late. Earlier this month General Motors announced new incentives of $1,000 to $1,500 on vehicles sitting around in U.S. car dealer lots for more than 125 days.
In February, GM's incentives stood at $3,814, the highest in the industry. Second highest were Chrysler's incentives of $3,763; Ford's was third at $3,229. Neither Ford nor Chrysler plan to match GM's jump in incentives.
Source for GM earnings revision: "GM Slashes Its Earnings Projections," March 16, 2005, The Associated Press, accessible at Yahoo! News
Source for S&P's revised outlook for GM bond ratings: "S&P Lowers GM's Outlook to Negative," March 16, 2005, Reuters, accessible at Yahoo! News
Source for GM's jump in incentives: "GM Announces New Incentive Program," March 10, 2005, The Associated Press, accessible at Yahoo! News
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