PREVIEW-GM investors brace for brutal 2nd-qtr results


By David Bailey and Kevin Krolicki DETROIT, July 31 (Reuters) - General Motors Corp investors expect the No. 1 U.S. automaker to post a steep second-quarter loss on Friday, reflecting the pressure from a deepening downturn in the U.S. auto industry. GMAC LLC, GM's former financing arm, on Thursday posted a $2.48 billion loss, including a $716 million write-down on leases from the slumping value of GM's big SUVs. Analysts said the loss at GMAC, in which GM retains a 49 percent stake, ...

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