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Ford's trading at a price lower than a gallon of gas today, but how's their publicly-traded Detroit-based buddy doing on Wall Street this week? The Detroit News reports in the past five days of stock trading, General Motors has lost more than a quarter of its value, closing at $6.91 Wednesday (and dropping below $5 a share today). That's the lowest the automaker's stock has been since 1953 — meaning GM's share price hit a 55-year low. We'd all like to think that this is nothing more than GM trying to again cash in on the whole "retro" trend, first with the resurgence of the muscle car wars and now with 50s-era stock prices. However, we know that's just a good punchline. Back to the future — GM is in a more precarious cash flow position than Ford, who is facing a similar market stock price crash, since Ford hocked pretty much everything two years ago in exchange for $23 billion in loans. So what do you do if you're GM? Put the boss on YouTube, of course. More »
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GM shares dropped to their lowest point in 40 years yesterday, closing at $11.43 when the bell rang. To put things in perspective, if you bought a new-for-1968 Camaro instead of, say, 245 shares of GM stock (about the same price at the time), the car would have been a significantly better investment. Yeah, we're excluding splits, dividends and the like, but they're not convenient for the point we're making. In a statement containing several unnecessarily large words, Goldman analyst Patrick Archambault said he "expects GM shares to continue to underperform as market fundamentals deteriorate which exacerbates liquidity concerns." Translation: GM's cars aren't selling so it's gonna spend all its cash. More »
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