UPDATE 1-GM posts strong qtly operating profit; shrs surge


(Recasts first paragraph, adds details on revenue, results, share price, background) DETROIT, July 26 (Reuters) - General Motors Corp. on Wednesday posted a larger-than-expected quarterly operating profit as it slashed costs in North America and raised its cost-cutting target by $1 billion, sending its shares up 5 percent. GM, the world's No. 1 automaker by sales volume, reported its net loss widened for the second quarter after writing down previously announced costs associated with ...

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