“Yes, it was a beat relative to consensus, but we think you have to take this report with a grain of salt, as their adjusted earnings were down more than 13% year-over-year,” CFRA analyst Garrett Nelson told CNBC via email. “We are very concerned about GM’s worsening vehicle sales trends (down 13.5% in Q4) and the company’s exposure to a slowing China market, which we think could challenge the company’s ability to hit their full year earnings guidance introduced last month.”

The First Trust NASDAQ Global Auto ETF (NasdaqGM: CARZ) was unchanged following the earnings announcement. CARZ seeks investment results that correspond generally to the price and yield of the NASDAQ OMX Global Auto Index(SM).

The corresponding index is designed to track the performance of the largest and most liquid companies engaged in manufacturing of automobiles. CARZ is up 10.7 percent year-to-date.

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