General Motors, the nation’s largest automaker, posted a company record $39 billion loss Wednesday for Q3, as a charge involving unused tax credits brought an abrupt end to a string of three profitable quarters for General Motors Corp. (GM). The loss was one of the biggest quarterly corporate deficits ever. Standard & Poor’s downgraded GM shares from hold to sell.
Shares of the Chinese e-commerce portal tumbled Wednesday following their stunning debut on the Hong Kong stock market the previous day. Alibaba.com Ltd.’s stock slid 17.5 percent to close at 32.60 Hong Kong dollars ($4.20) as investors sold to lock in profits after it nearly tripled Tuesday to HK$39.50 ($5.09) from its initial public offering price of HK$13.50 ($1.74).