Reuters first with CS slapping a $1 target on GM; shares sink 22 pct

Reuters beat Bloomberg by more than 2 minutes on Dec. 22 with news that Credit Suisse slapped a $1 price target on General Motors and downgraded the stock to “underperform.” Shares of GM fell as much as 22 percent to $3.51 after Credit Suisse analyst Christopher Ceraso said the automaker’s equity may be largely if not entirely wiped out as it complies with the restructuring targets laid out in the federal auto bailout. The headlines were unmatched by Dow Jones.