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 NEW YORK (AP) - General Motors Corp. shares fell on Wednesday after the company received more bad news — this time from Deutsche Bank, which advised shareholders to sell the stock because of continued uncertainty over the company's financial future.
Rod Lache, an analyst with Deutsche Bank, issued a rare "Sell" rating and lowered his price target on GM shares to $17 from $22. The stock — which slid 2.3 percent on Tuesday — lost another 82 cents, or about 3.6 percent, to close at $21.99 Wednesday on the New York Stock Exchange.
The world's largest automaker on Tuesday outlined a plan to cut white-collar pension and health-care expenses, slash its dividend and trim executive salaries as part of its latest bid to avert bankruptcy. However, the cuts did not get a strong endorsement from Wall Street analysts.
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