GM Shares Rise As It Reports Reduced Losses In Europe

General Motors reduced its loss in Europe in the first quarter and posted a strong, but smaller profit in North America because of high costs associated with new pickup production.

The performance exceeded Wall Street’s expectations, and GM's stock rose 3.3% to $31.16, marking its highest closing price since July 8, 2011.

The uptick puts GM within reach of its November 2010 initial public offering price of $33.

GM reported net income of $865 million in the first quarter, down 14% from a year earlier. Revenue fell 3% to $36.9 billion.