GM Share Price Hits 75-Year Low
March 09, 2009
DETROIT -- General Motors made history again Friday as its stock price plummeted to a 75-year low, dropping for the first time below Ford's share price.
GM's stock closed at $1.45 a share on Friday, but during the day dropped to $1.27 a share, a price not seen since May 4, 1933. That put GM's market capitalization at about $885 million.
Ford lost 6 percent to close Friday at $1.70.
GM's share price plummeted on news earlier in the week that its auditors reported they had "substantial doubt" of GM's viability.
Parts supplier Visteon closed at 2 cents a share, its last day on the New York Stock Exchange before it was delisted for trading too low. Other auto suppliers trading at under $1 a share: American Axle, 40 cents; Lear Corp., 31 cents; ArvinMeritor, 45 cents; Dana Corp., 23 cents; Delphi Corp., 5 cents; and Tenneco, 86 cents.
Posted by Michelle Krebs at 7:54 AM under Business , Companies , Ford , GM | Comments (0) | digg this | Seed Newsvine
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