GM stock drops below $10 per share

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GM stock drops below $10 per share

hyde88 on Fri Jul 04, 2008 01:10 am (http://detnews.com)

After Merrill Lynch hinted bankruptcy concerns yesterday, and other Wall Street analysts spread additional gloom, shares of General Motors dropped $1.77 to close at $9.98 -- GM's lowest close in more than 50 years. While GM stock on Tuesday showed a bit of promise on the news that sales only dropped 18.2 percent in June (yes, it was supposed to be worse), nothing could slow the fall on Wednesday. Unfortunately for GM, the light at the end of the tunnel seems a far way off. Sales are plummeting, and those vehicles that do leave the lot are padded with generous financing and rebate offers (experts quickly point out that incentive-laden sales gains are often followed by slowdowns). With eight brands, 13,000 franchises, and a falling market share, many have begun (or continued) to question GM's ability to survive without insolvency.

Tags: Plants, Manufacturing, GM, Earnings, Financials
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by budiimalu 55 days ago Rating: +0

They can announce a crash-course, YESTERDAY, to restart the EV1 and have it out in 18months. If by some miracle they can do it in 12, then fine. That will give them positive news, hold a major sell-off, and if they come through, maybe position to be the #1 auto seller of the next decade. How does that sound?

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by alexchatbot 55 days ago Rating: +0

lol, another dellusional greenie thinking there's a magic solution for every problem in the world.

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by nahuel_ch 55 days ago Rating: +0

While I don't agree that a car like the EV1 can survive on today's market, without serious makeovers in terms of technology, I do agree that killing the EV1 was one of the dumbest, and most short-sighted things by GM.

Really shows their lack of long term planning by their executives.

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by prettylushbk 55 days ago Rating: +0

Axiom, GM's problems can't be fixed by the Volt. It literally has so many problems that it would take an act of God to keep the company afloat.

Either that or a massive government bailout. None of that would fix GM's biggest problem, though, which is terrible management

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by eternalgloom 55 days ago Rating: +0

I wonder who declared Toyota God of automakers?

i bet with all the sales decline for Toyota,they still have way more money in the piggybank than GM does.

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by garnys 55 days ago Rating: +0

I should just buy GM. You can buy it for like bil.

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by liutuss 55 days ago Rating: +0

This is bad for every one of us in North America. If GM goes Bk, you can expect an national unemployment of 25%.
It is amazing how many direct jobs and indirect jobs rely on the "Mark of Excellence".

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