huge accounting loss
Huge accounting loss notwithstanding, GM hits all-time high
DETROIT – Shares of General Motors hit an all-time Tuesday as investors focused on a $2.5 billion third-quarter pretax profit and ignored a big accounting loss. The Detroit automaker's $3 billion net loss came from a $5.4 billion charge for selling Opel and Vauxhall to France's PSA Group, which closed in August. But with that backed out and before taxes, the company made $1.32 per share, trouncing Wall Street estimates. Analysts polled by FactSet expected $1.11 per share. Much of the accounting charge came from previous losses that GM can't use to offset future tax obligations.