GM shares dip on second day of trading |
| The Associated Press - Nov 19, 2010 |
Shares of the reborn General Motors lost momentum in early trading Friday, dropping more than 2 percent on their second day of trading as a new company.
The nation's largest automaker's stock fell 83 cents, or 2.4 percent, to $33.36 in morning trading on the New York Stock Exchange. Despite the drop, the stock was still above Thursday's initial public offering price of $33 per share, and it followed the overall market, which also was down slightly.
Investors and the U.S. government are watching the Detroit company's second-day performance to see how the market views GM, which is in the midst of an impressive turnaround just 16 months after exiting bankruptcy protection.
The government and GM's other owners sold 478 million common shares in the IPO, bringing in $15.8 billion. The shares jumped as high as $35.99 Thursday before pulling back later in the day. Almost 457 million GM shares traded, about one tenth of all trading on the exchange. GM ended Thursday with a gain of 3.6 percent at $34.19.
Read Full Article from The Associated Press
- Posted: 2010-11-19 10:12:18
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