General Motors (GM) share prices fell more than 11% on Wednesday after the company posted a lower third quarter profit than expected after losses in Europe, reports Reuters. The disappointing report moved some to speculate on GM’s ability to truly turn itself around after its bankruptcy two years ago. GM vowed that it would slash costs but its fourth quarter outlook was uninsprired enough to cause the shares to fall anyway. Share prices in the automotive giant fell from $25.04 at close Tuesday to $22.25 at 3:45pm EST.
The following hedge funds lost the most:
1. Fir Tree – Jeffrey Tannenbaum: Lost $21.5 million
2. Taconic Capital – Frank Brosens: Lost $20.2 million
3. Perry Capital – Richard Perry: Lost $15.7 million
4. Pennant Capital Management – Alan Fournier: Lost $13.6 million
5. Omega Advisors – Leon Cooperman: Lost $10.9 million
6. Greenlight Capital – David Einhorn: Lost $9.5 million
7. Valinor Management Llc – David Gallo: Lost $8.0 million
8. Avenue Capital – Marc Lasry: Lost $7.9 million
9. Legg Mason Capital Management – Bill Miller: Lost $6.7 million
DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in GM since the end of June. We did not take into account their option positions.