Autoworker strike cost GM $1.1B, which it says it can absorb as it announces massive stock buyback

General Motors says pretax earnings took a $1.1 billion hit this year from a six-week strike by autoworkers. But it expects to absorb higher labor costs and buy back stock worth nearly one quarter of the company's $44 billion market value. GM says Wednesday it will buy $10 billion of its shares within 11 months. The Detroit automaker also reinstated its full-year earnings forecast that was withdrawn during the United Auto Workers strike that ended Oct. 30. The company now predicts full-year net income of $9.1 billion to $9.7 billion, down from its pre-strike outlook. GM plans to cut capital spending, including a slowdown in spending on electric vehicles and at Cruise, its troubled autonomous vehicle unit. The dividend will rise 33% to 12 cents per share starting in January.