Wall Street analysts however had been predicting 19 to 35c a share for the company

Wall Street analysts, however, had been predicting 19 to 35c a share for the company."While the North American industry volume is down compared to record highs last year, we are still seeing a lot of underlying strength in demand," noted Rick Wagoner, GM's chief executive officer. GM still expects to sell 16.5 million vehicles this year, he said, which would be down on 2000 but still represents one of its best years ever.In Atlanta, Coca-Cola beat the forecast for its quarterly profits, largely because of growth in international sales. However, it lowered its own growth targets for 2001, noting that sales are likely to be hurt by worsening economic conditions. It also faces tougher US competition from PepsiCo.Profits at Pfizer, meanwhile, jumped 34 per cent in the first quarter, thanks largely to cost-cutting undertaken after the acquisition of its former rival Warner-Lambert.

That deal also brought the high-earning Lipitor drug under the Pfizer name. Pfizer also benefited from strong Viagra sales.Even at Hewlett-Packard, officials were looking for silver linings. The company said it hoped that growth would resume later in the year. "We're clearly talking about the second quarter being a bottom, and I say that with great caution," commented the chief executive, Carly Fiorina.. Shares surged on both sides of the Atlantic yesterday after America's central bank unexpectedly cut interest rates and the Bank of England hinted it would follow suit next month Shares surged on both sides of the Atlantic yesterday after America's central bank unexpectedly cut interest rates and the Bank of England hinted it would follow suit next month. The US Federal Reserve cut its key interest rate by half a percentage point, saying it was worried economic growth was "unacceptably weak". In London, the monetary policy committee of the Bank of England said it believed further rate cuts would be needed.

It has cut rates twice by a quarter-point in the past three months.The Fed's decision had been largely unexpected. The Dow Jones industrial average rocketed more than 400 points, or 4 per cent, within minutes while the technology-rich Nasdaq rose more than 9 per cent at one point. In London shares closed up 2 per cent.The news came as a huge relief after a succession of job losses in Britain, the Continent and America. Telecoms giants such as Philips, Cisco and Motorola are shedding thousands of staff while yesterday receivers appointed to the shipbuilder Cammell Laird announced the loss of 300 jobs.The Federal Reserve said the rate cut was a response to slack business investment, eroding consumer confidence, economic turmoil overseas and a slide in the markets.