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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
GM Stock Hits NEW LOW
Posted by:
WingNut
()
Date: July 26, 2012 04:00PM
Washington - General Motors Co. stock fell 1.2 percent Wednesday, closing at $18.80, down $0.22, on worries about Europe — the first time the Detroit automaker's stock has closed below $19 a share since its initial public offering.
The Detroit automaker has seen its share price tumble by more than 52 percent since it reached a high closing price in January 2011 of $38.90, just after going public in November 2010. The company has shed more than $30 billion in market capitalization over the last 18 months, and now is worth about $29 billion.
The fall came as Ford Motor Co. announced Wednesday that second quarter earnings declined on larger-than-expected losses in Europe.
GM's low stock price has prevented the Treasury from exiting the automaker. It still holds 500 million shares of stock in the company as part of its $49.5 billion bailout, or a 32 percent stake.
It needs about $53 a share in order to break even on its GM bailout. At current prices, it would lose $17.25 billion on the bailout.
MORE-
From The Detroit News: http://www.detroitnews.com/article/20120725/AUTO0103/207250447#ixzz21lDcdTjL
If you had $100,000 to invest- would you trust that money with Mr. Obama or Mr.Romney?
The Detroit automaker has seen its share price tumble by more than 52 percent since it reached a high closing price in January 2011 of $38.90, just after going public in November 2010. The company has shed more than $30 billion in market capitalization over the last 18 months, and now is worth about $29 billion.
The fall came as Ford Motor Co. announced Wednesday that second quarter earnings declined on larger-than-expected losses in Europe.
GM's low stock price has prevented the Treasury from exiting the automaker. It still holds 500 million shares of stock in the company as part of its $49.5 billion bailout, or a 32 percent stake.
It needs about $53 a share in order to break even on its GM bailout. At current prices, it would lose $17.25 billion on the bailout.
MORE-
From The Detroit News: http://www.detroitnews.com/article/20120725/AUTO0103/207250447#ixzz21lDcdTjL
If you had $100,000 to invest- would you trust that money with Mr. Obama or Mr.Romney?