General Motors Corp., (GM) is going to slash 30,000 jobs by 2008, according to a Wall Street Journal article GM to Cut 30,000 Jobs by 2008, Expects $7 Billion in Savings (subscription required) by Joseph B. White And Lee Hawkins Jr.
Out of the gate, GM was up but the stock fell later in the day to close down $0.47 to $23.58 for a loss of 1.95%. In my view, this is all window dressing. The real question is, Can GM sell cars profitably? Toyota is looking to increase its production in the United States while GM is cutting back aggressively.
I continue to remain short GM shares.
Leave a comment