UPDATE: GM Posts Upbeat Q3 Profit

General Motors GM reported a 53% drop in its third-quarter net income. GM's quarterly earnings declined to $698 million, or $0.45 per share, from $1.48 billion, or $0.89 per share, in the year-earlier period. Excluding one-time items, the company earned $0.96 per share. Its revenue climbed 4% to $39 million However, analysts were estimating earnings of $0.94 per share on revenue of $39.2 billion. GM shares gained 3.16% to $37.20 in pre-market trading.