Billionaire investor Kirk Kerkorian sold 12 million shares of General Motors yesterday, cutting his stake in the automaker to 7.8% from 9.9% and paring an investment he had increased just two months earlier. GM stock was down 2 percent to $19.45 as of 11 a.m. in Europe after dropping yesterday in New York to a 23-year low. “`It’s going to look like a loss in confidence in the company,” said Gerald Meyers, a University of Michigan business professor and a former chief executive of American Motors Corp. “It looks bad, and he knows it looks bad, and he went ahead and did it anyway.”
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