GM Stock Drops

By: Associated Press
By: Associated Press

General Motors stock opened Thursday morning at its lowest price since late 1992.

GM's stock price skidded after it abandoned projections of a break-even or slightly profitable first quarter. GM also slashed its full-year earnings outlook by more than half.

GM shares fell $4.71, or almost 14 percent, to close at $29.01 on the New York Stock Exchange Wednesday.

The automaker said earlier Wednesday that it expects a first-quarter loss of about $1.50 a share. It anticipates income of $1 to $2 per share for the full year, down from its previous projection of $4 to $5.

GM's first-quarter results are due April 19.

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