Fiat shares turn negative after Chrysler results
MILAN (Reuters) - Shares of Italian automaker Fiat (FIA.MI) turned negative in midday trading after its U.S. unit Chrysler posted worse-than-expected first quarter results.
At 8:37 a.m. EDT, Fiat shares were down 1.6 percent at 4.61 euros, after having traded 1.2 percent higher before Chrysler said its first quarter net income fell 65 percent to $166 million on new product launches.
"The Chrysler results were worse than we thought," said an analyst.
(Reporting by Jennifer Clark, editing by Antonella Ciancio)
- Housing, jobs data weaken, but overall economic picture still upbeat
- Target cyber breach hits 40 million payment cards at holiday peak |
- Pizza outlet attacked as India, U.S. fail to cool diplomat row |
- New York Mayor-elect's reputation for lateness parodied on Twitter
- Putin critic Khodorkovsky free after pardon |