GM falls after pulling forecast, freezing buyback

Shares of General Motors GM.N down 2.9% at $45.88 per share

GM falls as much as 4% to mark its worst intraday drop in nearly three weeks

Detroit-based automaker suspends FY25 forecast, reflecting impact of U.S. President Donald Trump's global trade war on the auto industry

It forecast 2025 net income of $11.2 billion to $12.5 billion in January

Freezes buyback program; it had $300 million in repurchase capacity outstanding at the end of 2024

Q1 adjusted EPS of $2.78 tops analysts' estimate of $2.74 - data compiled by LSEG

Q1 net income down 6.6% at $2.78 billion

TD Cowen views Trump's plans to soften the impact of automotive tariffs as a positive for both GM and the industry

Potential partial relief will substantially mitigate GM's exposure to tariffs, but particularly bode well for Ford F.N and Tesla TSLA.O, says brokerage

GM shares down 13.6% this year, including day's moves