GM stock hits all-time low
GM's stocked closed at the lowest price ever since the automaker went public in November 2010.
Hammered by economic uncertainties, General Motors' stock price fell to its lowest value on Monday since the company went public in November 2010. Shares fell more than 4 percent in Monday trading before making a slight recovery.
GM's stock closed the day down 2 percent to $21.71, marking the stocks lowest price since the Detroit automaker went public last November. The results could have been even worse as GM shares fell to as low as $21.18 in early trading.
GM priced its IPO at $33, but the stock has been on a rollercoaster ride since then. The stock hit a high of $39.48 earlier this year, but today's closing price represents a 34 percent decline since that November IPO.
GM recorded a strong second quarter - posting a $2.5 billion profit - but investors seem to be more concerned about cooling auto sales and the possibility of a double-dip recession.
GM's Wall Street woes aren't a good sign for American tax payers as the government still owns 500 million shares of the Detroit automaker. At current prices the government would lose about $16 billion on its GM bailout, with a target price of $53 needed just to break even. However, investors recently reduced GM's outlook from $40 per share to $36.50.
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