GM fourth-quarter profit falls on currency losses; stock tumbles

General Motors Co on Tuesday reported that fourth-quarter net income dropped partly from $500 million in foreign exchange losses, and the automaker forecast flat 2017 profit per share despite hefty stock buybacks. The stock tumbled 4.7 percent in early trading in part because Wall Street fretted over GM's higher U.S. inventories. GM Chief Financial Officer Chuck Stevens said the company had built up stocks ahead of product launches, and intends to bring inventories down through the year.