General Motors, the world's biggest industrial corporation, bumped General Electric from the top spot in Forbes' 1994 ranking of the 50 most powerful U.S. companies, the magazine said Monday.
In its annual compilation of American companies, Forbes said GM topped its Super 50 list with the most across-the-board strength in profits, sales, assets and market value.
But GE, which ranked No. 1 on the list for four straight years, fell to second place amid a drop in net profits to $4.7 billion from $5.2 billion, Forbes said.
Exxon Corp., the nation's biggest oil company, moved up one notch to No. 3. IBM, which failed to make the list last year because it lost $8 billion, was No. 6 this time around.
The top 10 on the Forbes' Super 50 list:
1 -- General Motors; 2 -- General Electric; 3 -- Exxon; 4 -- Ford Motor; 5 -- AT&T; 6 -- IBM; 7 -- Philip Morris Cos.; 8 -- Citicorp; 9 -- American International Group; and 10 -- Wal-Mart Stores.