Why General Motors Stock Hit the Brakes Today
Shares of the automotive maker were plummeting this morning after General Motors' (NYSE: GM) chief financial officer, Paul Jacobson, made comments yesterday that indicated the company is preparing for an economic slowdown.
The comments came on the same day that the Federal Reserve hiked the federal funds rate by 75 basis points as it aims to curb inflation. The automotive stock was down by 7.6% as of 1:42 p.m. ET.
CFO Jacobson spoke at a Deutsche Bank conference along with Ford's CFO, and both executives addressed rising inflation and higher material costs as well as the potential for a recession.
Source Fool.com
