* Profit before items 48 cents a share; Wall Street view 51 cents * GM writes down Peugeot investment by $220 million * CFO says GM is "not betting on" pickup in Europe this year * Shares down 3.4 percent By Ben Klayman DETROIT, Feb 14 (Reuters) - General Motors Co reported a weaker-than-expected fourth-quarter profit on Thursday, citing wider losses in Europe and lower vehicle prices plus higher costs in its core ...
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