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gm in real trouble
GM shares fall 30 percent after S&P statement
Thursday October 9, 4:00 pm ET
By Bree Fowler, AP Auto Writer
GM shares fall 30 percent after S&P places ratings on CreditWatch for possible downgrade
NEW YORK (AP) -- General Motors shares have fallen more than 30 percent after Standard & Poor's Ratings Services said it's placing the automaker's credit ratings under review for possible downgrade.
S&P said Thursday that the move reflects the weakening automotive markets across the world and expectations that tight credit markets will make things tough for the near future.
GM shares fell $2.26, or 33 percent, to $4.65, helping drag the Dow Jones industrial average down by more than 600 points. That's the lowest price for GM shares since March 1950.
The ratings under review include GM's "B-" long-term corporate credit rating and its finance arm's "B-" long-term counterparty credit rating.
S&P says it believes GM has enough cash for at least the rest of 2008, but rapidly worsening industry conditions will make things tough in 2009.
looks like Hendrick will have to switch to Toyota
Thursday October 9, 4:00 pm ET
By Bree Fowler, AP Auto Writer
GM shares fall 30 percent after S&P places ratings on CreditWatch for possible downgrade
NEW YORK (AP) -- General Motors shares have fallen more than 30 percent after Standard & Poor's Ratings Services said it's placing the automaker's credit ratings under review for possible downgrade.
S&P said Thursday that the move reflects the weakening automotive markets across the world and expectations that tight credit markets will make things tough for the near future.
GM shares fell $2.26, or 33 percent, to $4.65, helping drag the Dow Jones industrial average down by more than 600 points. That's the lowest price for GM shares since March 1950.
The ratings under review include GM's "B-" long-term corporate credit rating and its finance arm's "B-" long-term counterparty credit rating.
S&P says it believes GM has enough cash for at least the rest of 2008, but rapidly worsening industry conditions will make things tough in 2009.
looks like Hendrick will have to switch to Toyota
Views: 89
Replies to This Discussion
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Permalink Reply by gorobbygo7 on
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Who is not in trouble, hows the 401 K's and IRA's looking?
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Permalink Reply by Terie (aka vassinvegas) on
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I'm not looking. And I stopped trying to figure out how upside down I am in the house I bought a 15 months ago, even after the 20% down. We're in for a long hard road out of this.
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You know they'll get bailed out with the rest of 'em. Maybe it's time to start buying stock. Toyota stock is down too, they're all down. Maybe some of them just cook the books better so it isn't so obvious?
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Permalink Reply by Lance on
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haha...should've read what you said before I posted.......avoid the repetition. I couldn't agree more!
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25 Billion. I don't consider that enogh to save GM. I believe the feds will cough up much more before they're through if they want to save them. That's a drop in the bucket of what they're going to need. Remember they're global. GM is huge in Europe.
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Everyone is in serious trouble. Toyota is having sagging sales as well. Put GM in the too big to fail category.
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Permalink Reply by john mcglasson on
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Hey, worry not, Global Socialism will save us all.
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Permalink Reply by FlyHiFlyLo on
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Wait till Obama gets elected and dings the Capitol gains tax.... Nobody will invest in the stock market.
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I think that is part of what is driving all the money our of the market now, F'n Obama
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