DOW JONES NEWSWIRES

General Motors Corp. (GM) posted a stunning $15.5 billion second-quarter
net loss, as the auto maker piled up $9.1 billion in charges and
write-downs and suffered a deep drop in North American sales.

The company had warned in mid-July that it would post "a significant
second quarter loss." But the actual numbers were far worse than
analysts had expected, and point to the enormous challenges facing GM as
buyers turn away en masse from its most profitable offerings.

GM shares fell more than 7% in premarket trading to $10.20.

GM reported a net loss of $27.33 a share, compared with net income of
$891 million, or $1.56 a share, a year earlier. Excluding items, the
loss was $6.3 billion, or $11.21 a share.

Revenue fell 18% to $38.2 billion.

Analysts surveyed by Thomson Reuters had been looking for a loss,
excluding items, of $2.62 a share on revenue of $44.57 billion.

GM's Latin American operation was a bright spot - profit rose to $445
million from $296 million. But Asia swung to loss and European profits
tumbled 94%.

Excluding charges, the North American business had a $4.3 billion loss
as revenue dropped by one-third to $19.8 billion, pushing market share
down to 20.2% from 22.7%.

A year ago, GM swung to a second-quarter profit as it relied on
continued strength in international operations and a slim profit in its
core North American automotive unit to dramatically improve its bottom line.

GM's earnings were also dented by a $1.2 billion loss from its 49% stake
in its GMAC LLC financing arm. Thursday, GMAC swung to a second-quarter
loss as it took a $716 million write-down on leases and recorded more
losses from its Residential Capital LLC unit.

Second-quarter cash levels fell to $21 billion at the end of the second
quarter from $23.9 billion at the end of the first quarter.

The dismal second quarter caps four consecutive years of disappointing
results, dating back to the beginning of 2005, when GM shocked Wall
Street with an abrupt string of deep losses. Since then, Chief Executive
Rick Wagoner has been racing to cut costs, slim down operations and
remake the vehicle portfolio.

*At the same time, Wagoner has invested heavily into emerging markets,
placing big bets in Latin America, Eastern Europe and Asia even as
market share dwindles at home.*

- - -

Any bets as to when GM will abandon manufacturing in the U.S. market?

..

"hk" wrote in message
. ..


DOW JONES NEWSWIRES

General Motors Corp. (GM) posted a stunning $15.5 billion second-quarter
net loss, as the auto maker piled up $9.1 billion in charges and
write-downs and suffered a deep drop in North American sales.

The company had warned in mid-July that it would post "a significant
second quarter loss." But the actual numbers were far worse than analysts
had expected, and point to the enormous challenges facing GM as buyers
turn away en masse from its most profitable offerings.

GM shares fell more than 7% in premarket trading to $10.20.

GM reported a net loss of $27.33 a share, compared with net income of $891
million, or $1.56 a share, a year earlier. Excluding items, the loss was
$6.3 billion, or $11.21 a share.

Revenue fell 18% to $38.2 billion.

Analysts surveyed by Thomson Reuters had been looking for a loss,
excluding items, of $2.62 a share on revenue of $44.57 billion.

GM's Latin American operation was a bright spot - profit rose to $445
million from $296 million. But Asia swung to loss and European profits
tumbled 94%.

Excluding charges, the North American business had a $4.3 billion loss as
revenue dropped by one-third to $19.8 billion, pushing market share down
to 20.2% from 22.7%.

A year ago, GM swung to a second-quarter profit as it relied on continued
strength in international operations and a slim profit in its core North
American automotive unit to dramatically improve its bottom line.

GM's earnings were also dented by a $1.2 billion loss from its 49% stake
in its GMAC LLC financing arm. Thursday, GMAC swung to a second-quarter
loss as it took a $716 million write-down on leases and recorded more
losses from its Residential Capital LLC unit.

Second-quarter cash levels fell to $21 billion at the end of the second
quarter from $23.9 billion at the end of the first quarter.

The dismal second quarter caps four consecutive years of disappointing
results, dating back to the beginning of 2005, when GM shocked Wall Street
with an abrupt string of deep losses. Since then, Chief Executive Rick
Wagoner has been racing to cut costs, slim down operations and remake the
vehicle portfolio.

*At the same time, Wagoner has invested heavily into emerging markets,
placing big bets in Latin America, Eastern Europe and Asia even as market
share dwindles at home.*

- - -

Any bets as to when GM will abandon manufacturing in the U.S. market?



No time soon.

Although dismal financial results, the bulk of the "losses" are write offs
and charges to re-tool for the manufacture of more smaller, fuel efficient
cars for the US market.

Sounds horrible, and I am not making light of the problems, but it's not as
bad as the media (and you) are making it out to be.

Eisboch

BTW ....

*This* little news tidbit ought to get your blood circulating ..... :-)

http://news.yahoo.com/s/nm/20080801/...t_democrats_dc

Eisboch

Eisboch wrote:
BTW ....

*This* little news tidbit ought to get your blood circulating ..... :-)

http://news.yahoo.com/s/nm/20080801/...t_democrats_dc

Eisboch




I *love* it. It tells me Wal-Mart is scared.


" (Reuters) - Wal-Mart Stores Inc is mobilizing U.S. store managers to
lobby against Democrats in November's presidential election, fearing
they will make it easier for workers to unionize, The Wall Street
Journal reported on Friday.

In recent weeks, thousands of Wal-Mart managers and department heads
have been summoned to mandatory meetings at which the retailer stresses
the downside for workers if store workers unionize, the paper said."



- - -


Wal-Mart is among the most exploitative major employers in the United
States. The so-called "health insurance" it "offers" its employees is a
fraud. It is a major violator of wage-hour laws. It is the major seller
of crap ChiComm products in the USA.

"hk" wrote in message
. ..


I *love* it. It tells me Wal-Mart is scared.



Wal-Mart is among the most exploitative major employers in the United
States. The so-called "health insurance" it "offers" its employees is a
fraud. It is a major violator of wage-hour laws. It is the major seller of
crap ChiComm products in the USA.




It seems to me that Wal-Mart has a specific goal to remain a low-cost outlet
for limited income families and/or those that like to pinch pennys when
buying basic necessities. In your quote you left out the part whereby by
unionizing, Wal-Mart would need to raise prices and lay off employees.

Why not let the public chose where they want to shop and work?

Eisboch

Eisboch wrote:
"hk" wrote in message
. ..

I *love* it. It tells me Wal-Mart is scared.



Wal-Mart is among the most exploitative major employers in the United
States. The so-called "health insurance" it "offers" its employees is a
fraud. It is a major violator of wage-hour laws. It is the major seller of
crap ChiComm products in the USA.




It seems to me that Wal-Mart has a specific goal to remain a low-cost outlet
for limited income families and/or those that like to pinch pennys when
buying basic necessities. In your quote you left out the part whereby by
unionizing, Wal-Mart would need to raise prices and lay off employees.

Why not let the public chose where they want to shop and work?

Eisboch




Shop wherever the hell you want. Free choice in shopping is fine if the
"public" has the ability to have influence on how its area is developed.
In our part of our rural, conservative county, we have an older Wal-Mart
store (that I've never been in), but we stopped Wal-Mart dead in its
tracks with its plans to built a "super Wal-Mart" in our area. Wal-Mart
spent a ton of money on PR and political bribes to force it way. All it
took to defeat Wal-Mart was a number of petitions signed by enough
voters to let the county pols know they'd be out on their asses if they
approved building the new store.

On Fri, 1 Aug 2008 09:43:21 -0400, "Eisboch" wrote:


"hk" wrote in message
...


I *love* it. It tells me Wal-Mart is scared.



Wal-Mart is among the most exploitative major employers in the United
States. The so-called "health insurance" it "offers" its employees is a
fraud. It is a major violator of wage-hour laws. It is the major seller of
crap ChiComm products in the USA.




It seems to me that Wal-Mart has a specific goal to remain a low-cost outlet
for limited income families and/or those that like to pinch pennys when
buying basic necessities. In your quote you left out the part whereby by
unionizing, Wal-Mart would need to raise prices and lay off employees.

Why not let the public chose where they want to shop and work?

Eisboch


It would be better if Wal-Mart employees were all government workers. Then
the man would be happy.

Eisboch wrote:
"hk" wrote in message
. ..

DOW JONES NEWSWIRES

General Motors Corp. (GM) posted a stunning $15.5 billion second-quarter
net loss, as the auto maker piled up $9.1 billion in charges and
write-downs and suffered a deep drop in North American sales.

The company had warned in mid-July that it would post "a significant
second quarter loss." But the actual numbers were far worse than analysts
had expected, and point to the enormous challenges facing GM as buyers
turn away en masse from its most profitable offerings.

GM shares fell more than 7% in premarket trading to $10.20.

GM reported a net loss of $27.33 a share, compared with net income of $891
million, or $1.56 a share, a year earlier. Excluding items, the loss was
$6.3 billion, or $11.21 a share.

Revenue fell 18% to $38.2 billion.

Analysts surveyed by Thomson Reuters had been looking for a loss,
excluding items, of $2.62 a share on revenue of $44.57 billion.

GM's Latin American operation was a bright spot - profit rose to $445
million from $296 million. But Asia swung to loss and European profits
tumbled 94%.

Excluding charges, the North American business had a $4.3 billion loss as
revenue dropped by one-third to $19.8 billion, pushing market share down
to 20.2% from 22.7%.

A year ago, GM swung to a second-quarter profit as it relied on continued
strength in international operations and a slim profit in its core North
American automotive unit to dramatically improve its bottom line.

GM's earnings were also dented by a $1.2 billion loss from its 49% stake
in its GMAC LLC financing arm. Thursday, GMAC swung to a second-quarter
loss as it took a $716 million write-down on leases and recorded more
losses from its Residential Capital LLC unit.

Second-quarter cash levels fell to $21 billion at the end of the second
quarter from $23.9 billion at the end of the first quarter.

The dismal second quarter caps four consecutive years of disappointing
results, dating back to the beginning of 2005, when GM shocked Wall Street
with an abrupt string of deep losses. Since then, Chief Executive Rick
Wagoner has been racing to cut costs, slim down operations and remake the
vehicle portfolio.

*At the same time, Wagoner has invested heavily into emerging markets,
placing big bets in Latin America, Eastern Europe and Asia even as market
share dwindles at home.*

- - -

Any bets as to when GM will abandon manufacturing in the U.S. market?



No time soon.

Although dismal financial results, the bulk of the "losses" are write offs
and charges to re-tool for the manufacture of more smaller, fuel efficient
cars for the US market.

Sounds horrible, and I am not making light of the problems, but it's not as
bad as the media (and you) are making it out to be.

Eisboch


I am trying to figure out why Harry is relishing the fact that any
company is having a downturn.

It has a negative impact on individuals who have stock in the company,
retirees who depend on dividends for part of their income,
it has a negative impact on the employees and the local and/or
national economy.

I guess Harry just enjoys seeing others hurt.

"Reginald P. Smithers III, Esq." wrote
in message . ..


I am trying to figure out why Harry is relishing the fact that any company
is having a downturn.

It has a negative impact on individuals who have stock in the company,
retirees who depend on dividends for part of their income,
it has a negative impact on the employees and the local and/or national
economy.

I guess Harry just enjoys seeing others hurt.



I sincerely don't think Harry wants anybody hurt.

He's in warm-up mode for November. Happens every four years.

Eisboch