


Business briefing
GM reports record profit, yet stock falls

General Motors reported a record profit on Tuesday that doubled results in the third quarter a year ago. And the automaker put a little more swagger behind its full-year guidance, predicting pretax earnings at the high end of previous forecasts of $5.50 to $6 per share.
GM earned $2.77 billion, or $1.76 per share, compared with $1.36 billion, or 84 cents per share a year ago. Revenue hit a record $42.8 billion.
The performance is largely because the company shunned low-profit sales to rental car companies in the U.S., keeping prices and profits high. GM also made $500 million off its Chinese joint venture and reduced losses by about $100 million each in Europe and South America.
“Very much on track to deliver the performance that we promised at the beginning of the year, which is higher profit, higher margins,” Chief Financial Officer Chuck Stevens said. “In essence, another record year.”
The numbers came despite sales falling 4 percent through September in the U.S., GM's most lucrative market, and market share dropping almost a full percentage point year-over-year to 16.9 percent.
Wall Street was cautious Tuesday. GM shares fell 4 percent to $31.60.
No state apparently did hacking
National Intelligence Director James Clapper said it appears that a “non-state actor” was behind a massive cyberattack last week that briefly blocked access to websites including Twitter and Netflix.
Clapper said investigators are gathering a lot of data and that he wouldn't rule out whether a nation might have been behind it.
Clapper spoke Tuesday at the Council on Foreign Relations in New York.
Last Friday, cyberattacks crippled a major internet firm, repeatedly disrupting the availability of popular websites across the United States. Members of a group that calls itself New World Hackers claimed responsibility, but that claim could not be verified.
Progress on Canada-EU trade deal
The Belgian government says that talks to convince the region of Wallonia to agree to a trade deal between the European Union and Canada are making progress, two days before the pact is supposed to be signed at a summit.
Belgian Foreign Minister Didier Reynders said Tuesday that Belgian negotiators “really are at the final texts” but added that “as you know, there is the last comma, the last word, which are probably the most important.”
The trans-Atlantic trade deal needs unanimity among all 28 EU nations, but Belgium is withholding its signature because it also needs all of its regions to back it and Wallonia has resolutely refused to do so.
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