GM Stock: ALL YOU NEED TO KNOW

DETROIT (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) shares fell as much as 21.6 percent to their lowest level since 1950 on Thursday amid financial market turmoil and the car maker's report of European sales declines through the first nine months of 2008.

GM, whose shares fell as low as $5.42 on the New York Stock Exchange, blamed the credit crisis and inflation for hurting consumer confidence in Europe, where its sales have declined 1.9 percent in 2008 through September.

GM, the largest U.S.-based automaker, posted a $15.5 billion net loss in the second quarter and announced plans in July to cut costs by about $10 billion. The company has been restructuring in North America to meet increasing demand for more fuel-efficient vehicles.

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Comments

[taceva]

Americans have been scammed.

http://www.fdrs.org/federal_reserve-system.html

[usakaput]

GOOD RIDDANCE TO A DINOSAUR COMPANY. CADILLAC MAKES A GREAT LOOKING CAR ,I THINK ITS AN XLR OR SOMETHING.WHO THE FU*K CAN AFFORD IT ,BESIDES THE WALL STREET TYPE FOLKS THAT WE BAIL OUT .OUR COUNTRY IS NEXT,DONE ,KAPUT.

[rextrek]

at 48yrs old - I finally3months ago got my 1st ever new car...(I've always been the 3rd-4th owner of every vehicle I've ever had) so needless to say I rearched all vehicles...and know what I came up with...a Toyota..yep, a Toyota Yaris Hatchbk...automatic...get 38 to 40MPG...Im saving over 50-60$ a month on gas...from my 81 ford f150 (3rd owner).......Start making vehicles people can afford,and that get great MPG and maybe you'll sell alot! Dammit America..what has happened to you?

[MsCanuck]

Maybe GM should have kept the EVs and not bothered with the Hummer?

[kappa08]

After watching that 60 mins. piece the other night with that crusty old white man so completely out of touch yet he's in charge of everything new at GM, I could care less. GM doesn't deserve to survive. They in my opinion are part of the problem with their over indulgent obese gluttony that only cares about excess over quality.
I don't care if they made bicycles...I would NEVER buy GM.

[DanniD]

Gee, I'm sure the other hundreds of thousands people that work and live off their pensions from GM and their families are happy to hear your disdain. I certainly hope the company you work for is thriving in these tough economic times and continues.

[Alic4]

This is the other side of this. People all over the country are going to suffer from this getting worse. . .

[northstar11]

THE DOW is dropping 500 points per day.

should you buy in now???

at that rate of drop 500 per day ,1000 every two days

there is only 18 days left before the index hits ZERO

should you buy GM ??? YIKES.

[SoonerThought]

Hey, I'm no John McCain, but I'll gamble. I bought Ford super cheap. Hey, it's so low it will likely bounce back up at least once more before the world ends...

[AllenD]

I wonder if GM regrets fighting the higher mileage standards that may have saved their bacon?

[HamletsMill]

Excellent point. Who needs Al Qaeda when you have Republican Presidents, Republican Secretaries of Defense, and Republican CEO's running everything they touch completely into the ground. Study the panic of 1907. Nothing has changed. Mark Twain, Kurt Vonnegut, and Joseph Heller were right about everything. Norman Mailer too. We are a nation of clueless idiots. Always have been. Always will be. Career Wall Street people, Career MIC, Career Beltway Insiders, and Career Retired Military Insiders started cashing out and pouring into Costa Rica three years ago buying everything they can. Every person in the know knew this was coming. As the guy said on "60 Minutes" last Sunday, this is a hundred year event. The Credit Default Swap paper out there is so toxic it is going to take down the financial system of the entire world. You have not seen anything yet. Start researching. It is that bad. The CDO's are the implosion mechanism in 2008 like the margin call mechanism of 1929. Never ever ever let a Commercial Bank also be an Investment Bank, and also be a Securities Dealer, and also be an Insurance Company. Never. Never .Never. They basically repealed the 1933 Glass-Stiegel Act in 1998. Thanks Mr. Turtle Phil Graham and cronies!

"Yeah Ma. When some Wall Street CEO is beating up some guy, I'll be there."

http://www.youtube.com/watch?v=8wke1RBvcNQ

Here's some Vasoline, 401K suckers! See ya!

What a nation of utter clueless sheep and dunces.

So it goes.

[TheNoBullExpress]

When the top GM guy gets on 60 Minutes and makes crazy comments, GM deserves to go broke.
Describing the VOLT, he said:
1. It goes 40 miles without using gas; all electric. Gas kicks in at 40.1 miles
2. Our biggest problem with it is "the software"
3. He described "Sally's trip to and from work" in this manner; paraphrased

"If the overall trip takes 40 miles, but then she goes 2 miles out of the way to go to the store, that creates a problem. We're working on that"

It was flat out bizarre. Very easy to see why Detriot is a total failure when the top people cant figure out
that the problem is solved by "Ok, car out of electricity the final two miles. Time for the gas engine to start"

Unbelievable

[Danny]

Yes, they think we are this dumb.

[AllenD]

With a CEO so clueless about macrotrends affecting his industry such as peak oil and global warming, GM should be left on the side of the curb. What GM needed was a CEO that reviews possible future scenarios and outcomes and planned accordingly, rather than depend on the MI congressional delegation to do his bidding.

RIP GM.

[brownjuice]

as the past owner of a new 2002 Chevy Malibu whose ignition switch and catalytic converter flamed out within the first two months or ownership, and as the current owner of a 2004 Pontiac Grand Am whose power features system failed and whose cheap plastic parts break off at random (even the gear shifter button fell out), I have a single bit of advice for GM:


uh....try building a decent car.

[KillTheMessenger]

Here is even better advice to you:

Buy a Honda!

[kappa08]

On my 3rd one...My '03 Element has 119k miles and not a single problem.

GM, Ford, Chrysler ALL suck.

[AllenD]

Once you buy a Toyota, you become a customer for life. GM never caught on to that.

[Vinca]

I wish Americans would BUY MORE AMERICAN MADE PRODUCTS< INCLUDING CARS.American made products ARE HARD TO FIND, I try to find American Made, when I can

[KillTheMessenger]

Well, GM is mostly Mexican made. Does that count as "America"?

[degenerate1991]

Dead wrong. Either a deliberate lie or willful ignorance. GM is mostly made in the USA, followed by places such as Canada, Australia, and Spain. In fact, GM owns less than five (three if my memory serves correctly) plants in Mexico.

[bsc]

why- american made cars suck.

[code blue]

My Toyota Camry is made in Tenn. 85% of it is made in the USA (save the transmission and hybrid system). American made cars don't suck. American car companies suck. Learn the difference.

[Brokenduck]

I am always amazed that corporations like GM have continued to support the current healthcare/insurance regime in this country. Talking about a massive bailout......implementing single payer healthcare could be so beneficial to American companies like GM who continue to pine on about the high cost of healthcare and how that makes them non-competitive in today's marketplace. Obviously, the reason why they are tanking goes beyond healthcare, but.......

I mean, is this just ideology?

[Danny]

We need universal single-payer health care like most democracies in the world, where GM wouldn't be saddled with health care costs for the citizens it employs. Health care shouldn't be dependent on employment, and employers shouldn't have to fund it. But if employers want healthy employees they have to work with us to enact universal single-payer health care, as most democracies in the world (needs repeating). If you haven't seen it, rent "Sicko" the documentary by Michael Moore.

[rkimball]

looks like the $25 billion bail out did not help gmc. another $25 down the drain. makes one wonder about the other $700 billion.

[KillTheMessenger]

Yeah, you could poor that down the drain right there, too. GM will take it and then they will convert gold to crap.

[jsarets]

How long before Exxon-Mobil buys GM in a Fed-brokered shotgun wedding?

[iambusto]

not going to happen !!

Exxon Mobil is one of the most selective acquirers. They dont even take on huge projects if the return on investment dilutes their current return on investment. they are even different from the other giant oil majors (chevron, shell, bp, conoco).

Exxon Mobil has earned popularity (or read notoriety if you will) in walking away from lucrative projects (to others) just because the ROI on that project was less than their target/existing ROI.

like hell they would want a lousy company like GE !!

[darthdarcy]

First we nationalize Exxon Mobil and the rest of the Oil Companies then we reorganize GM..

If we lose GM and or Ford who is gonna build our Tanks or other military equipment..if needed..!

These Conservatives and their outsourcing and free trade have ruined us..

The other thing is Single Payer Health Care would help save the auto industry more than $25 billion..any day..!

[iambusto]

Finally short selling ban is over.

We are licking our chops !! GM must go to CHAPTER 11 baby !! :)