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General Motors shares rise after it raises profit outlook | |
(about 7 hours later) | |
General Motors (GM) shares have risen after the firm said it would be more profitable and return more money to shareholders. | |
Shares in the biggest US carmaker closed 0.6% up after it raised its 2016 earnings forecast by 25 cents to between $5.25 and $5.75 per share. | |
GM also plans to raise its stock buyback programme by 80% to $9bn and extend it to the end of 2017. | GM also plans to raise its stock buyback programme by 80% to $9bn and extend it to the end of 2017. |
In total, it plans to give $16bn back to shareholders by the end of 2017. | |
GM executive Mary Barra said: "We made significant progress executing our strategic plan and the results are being demonstrated through our improved earnings." | GM executive Mary Barra said: "We made significant progress executing our strategic plan and the results are being demonstrated through our improved earnings." |
Ford disappoints | Ford disappoints |
Shares in rival car maker Ford fell more than 3.5% after it said US margins could hit a plateau of 9.5%. | Shares in rival car maker Ford fell more than 3.5% after it said US margins could hit a plateau of 9.5%. |
Ford said on Tuesday it would give a special $1bn dividend, and that it expects pre-tax profit of between $10bn and $11bn in 2015. | Ford said on Tuesday it would give a special $1bn dividend, and that it expects pre-tax profit of between $10bn and $11bn in 2015. |
But this figure was at the lower end of analyst expectations. | But this figure was at the lower end of analyst expectations. |
"Their guidance is in line or below what was expected," said Matthew Stover of Susquehanna Financial. | "Their guidance is in line or below what was expected," said Matthew Stover of Susquehanna Financial. |
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