Poor June sales forced Bear Stearns & Co. to drop its rating on General Motors Corp. shares to “peer perform,” a step above “sell.” GM attributed poor sales to deep incentives on Japanese cars and high fuel costs.
GM shares closed at 36.76, down 1.22, today. According to The Detroit News, analyst Rod Lache wrote that GM’s sales this year may be 2.8 million vehicles, below GM’s 3 million car target.
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