General Motors Woes Hurt Top Hedge Funds

General Motors Company (NYSE:GM) was a celebrated stock-holding among hedge funds in 4Q2013, ending the year as the most favorite pick of these money managers. Lately the Detroit-based company has been marred by a string of bad news. The company announced a wave of new recalls on Monday, with the fallout rising to $750 million this time. Previously the company reported that it will take a bump of $300 million in the first quarter of 2014, owing to the three recalls announced in mid-March and the ignition switch recall. Most analysts believe that the 15% fall in stock price over the…