|
GM stock hits 74-year low
 General Motors Corp. shares have dived to their lowest level in more than 70 years, pulled down by a drop in the broader markets. GM shares hit a low of $1.52 in early afternoon trading, before rebounding somewhat to close down 23 cents, or 11.5 percent, at $1.77. The low matched a record set on July 26, 1934, according to the Center for Research in Security Prices at the University of Chicago. The price is adjusted for splits and other changes. The Detroit-based automaker's shares have been battered over the past year by worries about the viability of the US auto industry and plunging sales stemming from the industry wide drop in demand for new vehicles. GM shares were worth $3.50 just a month ago and $25.54 a year ago. And about $60 ten years ago ... On Tuesday, GM said it would need a total of USD 30b in federal aid in order to avoid filing for bankruptcy protection, up from a previous estimate of USD 18b and including USD 13.4b it has already received. That's about 20 times their current market cap. It also said it would need to cut 47,000 jobs worldwide. Posted by: Fred 2009-02-21 |
| http://www.rantburg.com/poparticle.php?ID=263084 |