Treasury poised to sell off 30 million more GM shares
According to The New York Times, the sale is timed in tandem with GM's return to Standard & Poor's 500-stock index, a mental milestone of sorts that many investors believe will help improve the company's under-performing stock. GM is taking the spot on the S&P 500 formerly occupied by H.J. Heinz, the Pittsburg-based food conglomerate that has gone private thanks to investment by Berkshire Hathaway and investment firm 3G Capital.
At the time of this writing, GM stock is trading at $34.04 a share, a little above its initial public offering price of $33 back in November 2010.
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