Shares of Italian automaker Fiat turned negative in midday trading after its U.S. unit Chrysler posted worse-than-expected first quarter results.
At 8:37 a.m. EDT, Fiat shares were down 1.6 percent at 4.61 euros, after having traded 1.2 percent higher before Chrysler said its first quarter net income fell 65 percent to $166 million on new product launches.
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"The Chrysler results were worse than we thought," said an analyst.
(Reporting by Jennifer Clark, editing by Antonella Ciancio)