GE & GM Earnings and Deals, Deals, Deals

Strong GE and GM earnings masked late-cycle and credit-quality warning signs that made markets cautious despite headline beats.

• GE Aerospace beats but late-cycle: Engine earnings 7% above consensus, spare parts up 20%, services up 17%, yet implied Q4 guidance is below consensus at 40x earnings.
• GM beats on paper, stock falls 5%: Record Q3 pickup sales, automotive free cash flow near $6B, new $20B buyback (vs $68B market cap), but no guidance raise and GM Financial delinquencies rose to 3.7%.

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