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LONDON, July 20 (Reuters) - Euro-denominated bonds of General Motors (GM.N: Quote, Profile, Research) dropped on Wednesday after the company posted a quarterly loss that was much worse than analysts` forecasts, traders said. GM`s 8.375 percent euro bond due 2033 traded down two points at 83 percent of face value, one trader said, while the cost of insuring against a default by the company`s finance arm, GMAC, rose 35 basis points to around 480 basis points. "This is horrible ... You can`t miss earnings by that much," the trader said. GM`s core North American automotive business lost more than $1 billion in the second quarter. Excluding one-off items, GM lost 56 cents per share in the quarter, compared with an average of analysts` forecasts of a profit of 3 cents per share, according to Reuters Estimates. General Motors rocked the credit markets in March and May when it first delivered a huge profit warning and then saw its credit ratings from Standard & Poor`s and Fitch Ratings fall to "junk" status. |
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| aus der Diskussion: | Die Aktie, die noch keiner haben will |
| Autor (Datum des Eintrages): | Pfandbrief (20.07.05 15:20:55) |
| Beitrag: | 132 von 237 (ID:17285541) |
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