Fiat shares turn negative after Chrysler results

MILAN Mon Apr 29, 2013 10:35am EDT

A man walks past a Fiat logo at a showroom in Noida, on the outskirts of New Delhi April 3, 2013. REUTERS/Mansi Thapliyal

A man walks past a Fiat logo at a showroom in Noida, on the outskirts of New Delhi April 3, 2013.

Credit: Reuters/Mansi Thapliyal

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)