General Motors Corporation (GM) Considering Bankruptcy?
General Motors Corp. shares hit their lowest price since 1949 in the opening minutes of trading Friday as financial turmoil and a weakening global auto market heightened worries that the automaker may be unable to pull out of its nosedive before it runs out of cash.
The company's shares lost nearly one-third of their value Thursday, plunging to their lowest level in more than 58 years, after Standard & Poor's Ratings Services said the automaker's credit could fall further into junk status, making it even tougher to borrow money.
Just after Friday's session began, shares fell 76 cents to $4 as the Dow Jones industrial average fell nearly 700 points, but GM rebounded along with the Dow and was up 24 cents to $5 by midmorning.
The drop marked the first time GM shares hit the $4 mark since Nov. 16, 1949, according to the Center for Research in Security Prices at the University of Chicago.
GM issued a statement Friday saying that while it faces "unprecedented challenges" related to the ongoing problems in the financial markets and weakening economies across the globe, it still doesn't consider bankruptcy protection as an option.Labels: General Motors, GM
posted by Stock Administrator @ 11:50 AM
General Motors Corporation (GM) Considering Bankruptcy?
General Motors Corp. shares hit their lowest price since 1949 in the opening minutes of trading Friday as financial turmoil and a weakening global auto market heightened worries that the automaker may be unable to pull out of its nosedive before it runs out of cash.
The company's shares lost nearly one-third of their value Thursday, plunging to their lowest level in more than 58 years, after Standard & Poor's Ratings Services said the automaker's credit could fall further into junk status, making it even tougher to borrow money.
Just after Friday's session began, shares fell 76 cents to $4 as the Dow Jones industrial average fell nearly 700 points, but GM rebounded along with the Dow and was up 24 cents to $5 by midmorning.
The drop marked the first time GM shares hit the $4 mark since Nov. 16, 1949, according to the Center for Research in Security Prices at the University of Chicago.
GM issued a statement Friday saying that while it faces "unprecedented challenges" related to the ongoing problems in the financial markets and weakening economies across the globe, it still doesn't consider bankruptcy protection as an option.
The company's shares lost nearly one-third of their value Thursday, plunging to their lowest level in more than 58 years, after Standard & Poor's Ratings Services said the automaker's credit could fall further into junk status, making it even tougher to borrow money.
Just after Friday's session began, shares fell 76 cents to $4 as the Dow Jones industrial average fell nearly 700 points, but GM rebounded along with the Dow and was up 24 cents to $5 by midmorning.
The drop marked the first time GM shares hit the $4 mark since Nov. 16, 1949, according to the Center for Research in Security Prices at the University of Chicago.
GM issued a statement Friday saying that while it faces "unprecedented challenges" related to the ongoing problems in the financial markets and weakening economies across the globe, it still doesn't consider bankruptcy protection as an option.
Labels: General Motors, GM
posted by Stock Administrator @ 11:50 AM
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