Tracinda Hits the GM Brakes

Updated from 1:21 p.m. EST

Look out General Motors (GM Quote), Kirk Kerkorian is juggling his portfolio.

Shares of the world's largest automaker recently were down $1.73, or 5.3%, to $30.88 after its largest individual shareholder, Kerkorian's Tracinda Corp., revealed that it cut its stake in the company.

Kerkorian recently lowered his stake in GM to 7.4% from 9.9%, according to a Securities and Exchange Commission filing. The move follows disagreements with GM's management over the direction of the company. It also confirmed rampant speculation on Wall Street that Kerkorian is backing off his bet on the U.S.-based auto industry, which has pushed shares of GM down about 13% this week. ...