Shares of General Motors Corp. (GM) slipped 2.7% to $26.40 before the opening bell Tuesday even as the auto maker posted better-than-expected fourth-quarter results and cut a deal with the United Auto Workers union on a buyout for hourly workers.
GM's shares rose 5.1% Monday amid rising expectations ahead of the earnings report.
GM said it swung to a fourth-quarter loss $722 million or $1.28 a share, as the weak U.S. auto market and the slowing economy challenge the auto maker's turnaround, despite growth in emerging markets.
However, earnings excluding charges came in at $46 million, or 8 cents a share, ahead of the average forecast from analysts polled by Thomson Financial for a loss of 54 cents a share. GM's fourth-quarter results also reflect a $1.6 billion tax benefit.
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