Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[GM stock prices finally eclipse $33 IPO price]]>http://www.autoblog.com/2013/05/17/gm-stock-prices-finally-eclipse-33-ipo-price/http://www.autoblog.com/2013/05/17/gm-stock-prices-finally-eclipse-33-ipo-price/http://www.autoblog.com/2013/05/17/gm-stock-prices-finally-eclipse-33-ipo-price/#commentsFiled under: ,



General Motors has reached an important milestone this morning: the price for one share of the company has climbed to over $33. That's higher than the Initial Public Offering price from 2010. At roughly 12:15PM Eastern today, GM shares were up $0.97 on the day, some 2.99 percent, for a total of $33.36. The Detroit Free Press reports that the last time GM stock closed over $33 was on May 4, 2011. GM stock has been steadily growing in value throughout 2013. The stock price is up by 14 percent since the start of the year.

The jump over $33 per share is undoubtedly great news for both investors and GM employees, who've suffered through some scary moments over the last few years. In 2012, the share price fell below $19. Later that summer, GM CEO Dan Akerson spent some $500,000 on 25,000 shares as a vote of confidence in the embattled automaker (shares that are now worth roughly $825k... nicely played, Dan).

As has been widely reported, the $33 price still is far from the break-even point for the shares purchased by the US Government, however. The Treasury Department is still planning on divesting itself of GM shares by early 2014, and would need to see roughly $75 per share to break even on the investment it made in 2009 as part of the company's bankruptcy restructuring.

GM stock prices finally eclipse $33 IPO price originally appeared on Autoblog on Fri, 17 May 2013 13:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dan akersongeneral motorsgeneral motors stockgmgm ipogm stockgm stock priceFri, 17 May 2013 13:28:00 EST http://www.autoblog.com/feed/20573955/article-comments.xml http://www.autoblog.com/feed/2013/05/17/gm-stock-prices-finally-eclipse-33-ipo-price/20573955/article-detail.xml 20573955 http://www.blogcdn.com/www.autoblog.com/media/2013/05/gm-renaissance-center-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/gm-renaissance-center-628.jpg <![CDATA[Treasury to begin selling off more GM stock]]>http://www.autoblog.com/2013/05/09/treasury-to-begin-selling-off-more-gm-stock/http://www.autoblog.com/2013/05/09/treasury-to-begin-selling-off-more-gm-stock/http://www.autoblog.com/2013/05/09/treasury-to-begin-selling-off-more-gm-stock/#commentsFiled under: , ,

GM Rencen with American flags

Reuters reports that earlier this week the US Treasury announced the sale of another tranche of General Motors stock. It didn't say how many of the 241.7 million shares it holds in the automaker it would sell, nor exactly when - the discretion apparently intended to keep hedge funds from profiting from the situation. The government's ownership is broken down into common and diluted shares, representing close to 18 percent of the company at the moment, down from the 60.8 percent it owned in 2009 after GM's bankruptcy. This follows a share sale in February, when Treasury sold 17.2 million shares for $489 million.

Although GM's share price is nowhere near the $70-per-share or so that Treasury would need to break even, the department has reiterated that the point of the Troubled Asset Relief Program (TARP) wasn't to make money but to save jobs. GM's share price has, however, almost edged back to its November 2012 IPO price of $33. At the time of writing, shares were trading for $32.10. Based on the timetable Treasury gave in December, it should be fully divested of its GM ownership within a year from now.

Treasury to begin selling off more GM stock originally appeared on Autoblog on Thu, 09 May 2013 09:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bailoutfinancial crisisgeneral motorsgmgm bankruptcygm stocktarptreasurytroubled asset relief programThu, 09 May 2013 09:29:00 EST http://www.autoblog.com/feed/20561573/article-comments.xml http://www.autoblog.com/feed/2013/05/09/treasury-to-begin-selling-off-more-gm-stock/20561573/article-detail.xml 20561573 http://www.blogcdn.com/www.autoblog.com/media/2013/01/gyi0061332043_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/01/gyi0061332043.jpg <![CDATA[Treasury sold off $489M of GM stock in February]]>http://www.autoblog.com/2013/03/12/treasury-sold-off-489m-of-gm-stock-in-february/http://www.autoblog.com/2013/03/12/treasury-sold-off-489m-of-gm-stock-in-february/http://www.autoblog.com/2013/03/12/treasury-sold-off-489m-of-gm-stock-in-february/#commentsFiled under: , ,

General Motors' Renaissance Center headquarters with trees

The Detroit News reports that the US Treasury sold off around 17.2 million shares of General Motors stock in February worth $489 million. The move is part of a plan to rid the government of GM stock by March, 2014. All told, the government has regained $29.8 billion of the $49.5 billion it took to bail out GM in 2008 and 2009. The feds sold off nearly half the country's stake in the automaker when the company went public in 2010, and now taxpayers own around 19 percent of the manufacturer. Moving forward, the Treasury will disclose how many shares it has sold each financial quarter.

Earlier this year, the government named Citigroup Inc. and JPMorgan Chase & Co. to manage the sale of GM stock. The duo will receive around $3 million for handling the sale, though the government has opted to keep its trading plan under wraps to keep hedge funds from taking advantage of the situation. The plan does place limits on exactly how much stock can be sold at any given time, however. Six smaller brokerages will handle the sale of the Treasury's GM common stock.

Treasury sold off $489M of GM stock in February originally appeared on Autoblog on Tue, 12 Mar 2013 16:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bailoutcitigroupgeneral motorsgmgm bailoutgm stockjp morganjpmorgan chasestocktarptreasuryus treasuryTue, 12 Mar 2013 16:31:00 EST http://www.autoblog.com/feed/20498903/article-comments.xml http://www.autoblog.com/feed/2013/03/12/treasury-sold-off-489m-of-gm-stock-in-february/20498903/article-detail.xml 20498903 http://www.blogcdn.com/www.autoblog.com/media/2013/03/general-motors-renaissance-center-hq-with-trees_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/03/general-motors-renaissance-center-hq-with-trees.jpg <![CDATA[US Treasury signals it will sell off remaining GM shares]]>http://www.autoblog.com/2013/01/18/us-treasury-signals-it-will-sell-off-remaining-gm-shares/http://www.autoblog.com/2013/01/18/us-treasury-signals-it-will-sell-off-remaining-gm-shares/http://www.autoblog.com/2013/01/18/us-treasury-signals-it-will-sell-off-remaining-gm-shares/#commentsFiled under: , ,

GM Renaissance Center with flags

True to its word, the US Treasury Department has taken steps today to rid itself of its remaining 300-million shares of General Motors stock. The Treasury has engaged both JP Morgan and Citigroup Global Markets to handle the sale of the remaining shares, reports the Detroit Free Press.

After divesting itself of 200 million shares last month, the government agency said that it would shed its remaining investment in the automaker throughout 2013. Today, the Treasury still owns some 19 percent of GM.

When the Treasury sold stock back to GM last month, it was at a price of some $27.50 per share, or above what the issue was then trading at in the open market. More recently, GM stock has been seeing closer to $29 per share in the marketplace, offering some hope that the final "cost" to the taxpayer will be less than expected. With that said, the plan remains to sell off in segments, rather than all at once, as a way of disrupting the market as little as possible.

Obama officials are on record has having said that, even if the US Government ultimately loses money on the investment in GM stock - a virtual certainty according to the reports we've read so far - the jobs saved by the automaker bailout make this a net win for the country.

US Treasury signals it will sell off remaining GM shares originally appeared on Autoblog on Fri, 18 Jan 2013 16:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bailoutgeneral motorsgmgm stockobamaobama administrationus governmentus treasuryFri, 18 Jan 2013 16:28:00 EST http://www.autoblog.com/feed/20433372/article-comments.xml http://www.autoblog.com/feed/2013/01/18/us-treasury-signals-it-will-sell-off-remaining-gm-shares/20433372/article-detail.xml 20433372 http://www.blogcdn.com/www.autoblog.com/media/2013/01/gyi0061332043_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/01/gyi0061332043.jpg <![CDATA[Stock buyback gives GM execs permission to use corporate jets again]]>http://www.autoblog.com/2012/12/20/stock-buyback-gives-gm-execs-permission-to-use-corporate-jets-ag/http://www.autoblog.com/2012/12/20/stock-buyback-gives-gm-execs-permission-to-use-corporate-jets-ag/http://www.autoblog.com/2012/12/20/stock-buyback-gives-gm-execs-permission-to-use-corporate-jets-ag/#commentsFiled under: , ,

Chevrolet jet emblem

General Motors executives are once again certified members of the jet set. As you may recall, one of the concessions made by automakers in accepting government assistance back in 2009 was a requirement to discontinue the use of private jets in lieu of standard commercial airline flights. The issue first reared its head after the three auto CEOs from Detroit flew in private jets to Washington to outline why the industry needed bailout money. Not so smart.

Now that The General has bought 200 million of its own shares back from the government, the private jet restriction has reportedly been lifted. The Wall Street Journal reports that General Motors has no current plans to buy or lease any private jets of its own. That doesn't mean, however, that execs will still be flying the friendly skies using mainstream commercial air travel all the time; it just means any corporate travel must be booked through a private service instead of in-house... for now.

Stock buyback gives GM execs permission to use corporate jets again originally appeared on Autoblog on Thu, 20 Dec 2012 18:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>commercial aircraftgeneral motorsgmgm executivesgm private jetgm stockprivate jetprivate jetsThu, 20 Dec 2012 18:28:00 EST http://www.autoblog.com/feed/20408591/article-comments.xml http://www.autoblog.com/feed/2012/12/20/stock-buyback-gives-gm-execs-permission-to-use-corporate-jets-ag/20408591/article-detail.xml 20408591 http://www.blogcdn.com/www.autoblog.com/media/2012/12/chevy-jet-emblem_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/12/chevy-jet-emblem.jpg <![CDATA[Bill proposes U.S. sell GM stock to fund Delphi retiree pensions]]>http://www.autoblog.com/2012/09/18/bill-proposes-u-s-sell-gm-stock-to-fund-delphi-retiree-pensions/http://www.autoblog.com/2012/09/18/bill-proposes-u-s-sell-gm-stock-to-fund-delphi-retiree-pensions/http://www.autoblog.com/2012/09/18/bill-proposes-u-s-sell-gm-stock-to-fund-delphi-retiree-pensions/#commentsFiled under: , ,

A new proposal to sell $1 billion of government-held General Motors stock to help restore Delphi white collar retirees pensions was balked at by one group attempting to build up the underfunded pension.

The Delphi Salaried Retires Association has said it would prefer to reestablish its pension fund through other methods than selling government stock. Den Black, chairman of the association, said the organization would prefer to refund the pension without using taxpayer money or undergo the slow legislative process. However, Ohio Senator Sherrod Brown (D-OH) was still planning to introduce the bill to help get money for the pension.

In any case, the retiree pension fund will need an infusion it is to meet its original obligation. When the supplier went into bankruptcy in 2005, it ended up leaving 21,000 nonunion retirees with a billion dollar shortfall. The pension was moved into government hands and many retirees have still not received their pension checks.

Bill proposes U.S. sell GM stock to fund Delphi retiree pensions originally appeared on Autoblog on Tue, 18 Sep 2012 07:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>delphiGMGM stockpension fundretirementTue, 18 Sep 2012 07:59:00 EST http://www.autoblog.com/feed/20323048/article-comments.xml http://www.autoblog.com/feed/2012/09/18/bill-proposes-u-s-sell-gm-stock-to-fund-delphi-retiree-pensions/20323048/article-detail.xml 20323048 http://www.blogcdn.com/www.autoblog.com/media/2012/09/delphi-250_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/09/delphi-250.jpg <![CDATA[Feds expect greater loss on auto bailout]]>http://www.autoblog.com/2012/08/20/feds-expect-greater-loss-on-auto-bailout/http://www.autoblog.com/2012/08/20/feds-expect-greater-loss-on-auto-bailout/http://www.autoblog.com/2012/08/20/feds-expect-greater-loss-on-auto-bailout/#commentsFiled under: , ,



The saga of the U.S. Treasury's involvement with General Motors has become the theater of call and response: the call is Treasury announcing how much it stands to lose on its bailout of GM, the response is a turgid chorus of "Government Motors!" and "They should have died!" peppered with a few defenders trying to make themselves heard. Well, here we go again, since the latest Treasury report filed states that it stands to lose $25.1 billion on the 500 million shares of GM stock it still owns.

There are two qualifiers with this, the first being that the estimate is low; it was made when GM's stock price was $22.20, but at the close of trading on of August 17 the stock price was $22.01. The second and much more important qualifier is that Treasury only loses $26 billion, give or take, if it actually sells the stock. Treasury's report to Congress on the state of its investment doesn't mean a sale is imminent, it's just an update. The only thing we've heard about the date of a sale is that Treasury has no immediate plans on such, preferring to wait until the market catches up to the progress it feels GM has made.

At one time the government expected to lose $44 billion on the auto bailout. Even if it takes a $26 billion bath on GM and adds the $1.3 billion loss on Chrysler, that's still a 33-percent improvement on what could have been. And that's called "looking at the bright side."

Feds expect greater loss on auto bailout originally appeared on Autoblog on Mon, 20 Aug 2012 08:56:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto bailoutbailoutgeneral motorsgmgm bailoutgm bankruptcygm ipogm stocktreasuryus treasuryMon, 20 Aug 2012 08:56:00 EST http://www.autoblog.com/feed/20302237/article-comments.xml http://www.autoblog.com/feed/2012/08/20/feds-expect-greater-loss-on-auto-bailout/20302237/article-detail.xml 20302237 http://www.blogcdn.com/www.autoblog.com/media/2012/08/gyi0064600965-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/gyi0064600965-opt.jpg <![CDATA[CEO Akerson buys over $500K in GM stock]]>http://www.autoblog.com/2012/08/09/ceo-akerson-buys-over-500k-in-gm-stock/http://www.autoblog.com/2012/08/09/ceo-akerson-buys-over-500k-in-gm-stock/http://www.autoblog.com/2012/08/09/ceo-akerson-buys-over-500k-in-gm-stock/#commentsFiled under: , ,

GM Chairman and CEO Dan Akerson

You have to feel for Dan Akerson. Not only is the guy stuck parking his Chevrolet Volt at the country club next to all those 500-plus-horsepower tarmac terrors from Audi, BMW and Mercedes-Benz, but he's woefully underpaid.

So what's the General Motors Chaiman and CEO to do? Take matters into his own hands - like a boss. According to The Detroit News, Akerson bought 25,000 shares of GM stock this week, investing a cool half-a-million bucks in his own company. The move comes despite Akerson having "incurred significant paper losses" of about $1.8 million on his GM stock holdings, now reported at 272,838 shares.

A GM spokesman told the News that the latest stock purchase was a personal investment. Because the man has to get paid.

CEO Akerson buys over $500K in GM stock originally appeared on Autoblog on Thu, 09 Aug 2012 16:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>akersondan akersongmgm stockgm stock priceThu, 09 Aug 2012 16:31:00 EST http://www.autoblog.com/feed/20297560/article-comments.xml http://www.autoblog.com/feed/2012/08/09/ceo-akerson-buys-over-500k-in-gm-stock/20297560/article-detail.xml 20297560 http://www.blogcdn.com/www.autoblog.com/media/2012/08/akerson-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/akerson-opt.jpg <![CDATA[Treasury has no plans to sell remaining GM stock quite yet]]>http://www.autoblog.com/2012/05/11/treasury-has-no-plans-to-sell-remaining-gm-stock-quite-yet/http://www.autoblog.com/2012/05/11/treasury-has-no-plans-to-sell-remaining-gm-stock-quite-yet/http://www.autoblog.com/2012/05/11/treasury-has-no-plans-to-sell-remaining-gm-stock-quite-yet/#commentsFiled under: , ,

General Motors headquarters

General Motors stock has been languishing for months, failing to climb past $30 per share since July of last year. Trading at around $22 per share today, the optimism that surrounded the company's emergence from bankruptcy and initial public offering in November 2010 has all but vanished. So it's no wonder that the United States Treasury has decided to sit on its GM shares, with no plans to sell of its remaining 26 percent stake in the automaker.

According to The Detroit News, the Treasury believes that GM is underpriced given the changes that have happened at the company. Assistant Treasury Secretary Time Massad told the News, "Our perspective is that the company has made real progress, but the market hasn't given them as much credit for that as it might."

The government stands to lose $15 billion on the bailout at today's stock prices, according to the report. Of the $49.5 billion spent on the bailout, the government has already recouped roughly $23 billion in reducing its stake in GM from the 61 percent it once held. GM shares would have to more than double in value to $53 for the Treasury to break even in liquidating the 500 million shares it still owns, according to the report.

Treasury has no plans to sell remaining GM stock quite yet originally appeared on Autoblog on Fri, 11 May 2012 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto bailoutbailoutgeneral motorsgmgm ipogm stockUS TreasuryFri, 11 May 2012 13:29:00 EST http://www.autoblog.com/feed/20236222/article-comments.xml http://www.autoblog.com/feed/2012/05/11/treasury-has-no-plans-to-sell-remaining-gm-stock-quite-yet/20236222/article-detail.xml 20236222 http://www.blogcdn.com/www.autoblog.com/media/2012/05/gmrexterior02-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/05/gmrexterior02-opt.jpg <![CDATA[Investment firm buys 5.8% of GM]]>http://www.autoblog.com/2012/02/17/investment-firm-buys-5-8-of-gm/http://www.autoblog.com/2012/02/17/investment-firm-buys-5-8-of-gm/http://www.autoblog.com/2012/02/17/investment-firm-buys-5-8-of-gm/#commentsFiled under: ,

General Motors' Renaissance Center HQ flyby view

General Motors stock is down 45 percent over the last year, which would lead the uninformed to think that the automaker is still losing money by the bucketload. On the contrary, The General pulled in a healthy $7.6 billion in 2011.

Does that mother lode of cash make GM a buy for 2012? Capital research Global Investors seems to think so. The Detroit News reports that the investment firm has purchased 5.8 percent of the Detroit automaker. That's 92 million shares, which translates to about $2.3 billion at $25 per share.

The investment firm claims GM stock is a strong buy even though its European sales are lagging. David Kudla, CEO of Mainstay Capital Management LLC, points out that there are a lot of automakers selling vehicles in Europe, adding "everybody who does business there is struggling." The Capital Group also points to continued growth in the U.S. market due in part to pent-up demand as a reason for the big bet on GM stock.

Investment firm buys 5.8% of GM originally appeared on Autoblog on Fri, 17 Feb 2012 10:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>capital research global investorsdavid kudlageneral motorsGMgm stockstockFri, 17 Feb 2012 10:15:00 EST http://www.autoblog.com/feed/20173760/article-comments.xml http://www.autoblog.com/feed/2012/02/17/investment-firm-buys-5-8-of-gm/20173760/article-detail.xml 20173760 http://www.blogcdn.com/www.autoblog.com/media/2012/02/gm-renaissance-center-hq-flyover_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/02/gm-renaissance-center-hq-flyover.jpg <![CDATA[GM reports 2011 profit of $7.6 billion]]>http://www.autoblog.com/2012/02/16/gm-reports-2011-profit-of-7-6-billion/http://www.autoblog.com/2012/02/16/gm-reports-2011-profit-of-7-6-billion/http://www.autoblog.com/2012/02/16/gm-reports-2011-profit-of-7-6-billion/#commentsFiled under:

GM logo

General Motors today reported its earnings for last year and the fourth fiscal quarter of 2011. The automaker's profits for 2011 totaled $7.6 billion, up from $4.7 billion in 2010.

While the news was excellent for the full year, fourth quarter net income was only $472 million, or about the same as Q4 2010. While that makes eight straight quarters of positive numbers since the company emerged from bankruptcy in 2009, the earnings were weighed down by losses of $562 million in Europe from GM's Opel subsidiary.

There were also a number of one-time events that affected earnings in the fourth quarter, without which GM's profit would've nearly doubled to $900 million.

Still, the company counts 2011 as a successful year, and the stats tend to agree. TrueCar.com reports that GM increased its sales by over 13 percent, increased market share by half a point, grew average transaction prices by over $1,100 and lowered incentive spending by five percent. Based on that performance, all 47,500 hourly employees will receive profit sharing checks of up to $7,000. Check out The General's official press release after the jump.

Continue reading GM reports 2011 profit of $7.6 billion

GM reports 2011 profit of $7.6 billion originally appeared on Autoblog on Thu, 16 Feb 2012 09:35:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>2011earningsfourth quartergeneral motorsgmgm earningsgm profitgm stockopelq4 2011Thu, 16 Feb 2012 09:35:00 EST http://www.autoblog.com/feed/20173138/article-comments.xml http://www.autoblog.com/feed/2012/02/16/gm-reports-2011-profit-of-7-6-billion/20173138/article-detail.xml 20173138 http://www.blogcdn.com/www.autoblog.com/media/2012/02/506169734-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/02/506169734-opt.jpg <![CDATA[GM leads worst performing auto stocks of 2011]]>http://www.autoblog.com/2012/01/03/gm-leads-worst-performing-auto-stocks-of-2011/http://www.autoblog.com/2012/01/03/gm-leads-worst-performing-auto-stocks-of-2011/http://www.autoblog.com/2012/01/03/gm-leads-worst-performing-auto-stocks-of-2011/#commentsFiled under: ,

GM cars outside of NYSE

In spite of General Motors standing poised to retake the top sales spot, Chevrolet perhaps breaking its all-time sales record, and an anticipated Buick and two new Cadillac models coming, GM's stock price got beat like a goat in 2011. On January 2, 2011 the stock traded at $37.06, on January 2, 2012, it hovered a few dimes above $20, making GM the worst-performing auto-industry stock of 2011: with a 46.1-percent drop, it edged out Cooper Tire (-41.7), TRW Automotive (-40) and Ford (-37.3).

The Motley Fool suggests the decline could be due to the Treasury's ownership of hundreds of millions of shares, keeping investors wary about buying. Europe is also considered a sore spot, with GM's operations on The Continent still in the red and there being no clear plan to turn that around (particularly with the Euro threatening to implode).

However, there is most likely more to it than that: many investors likely remaining unsure about company fundamentals, and they are likely concerned that GM (like Ford) is rated just below investment-grade by Moody's rating service, which keeps some large institutional investors out of the pool. The good news for 2012: The General' stock is trading at five times less than earnings and the outlook from all observers is uniformly positive.

GM leads worst performing auto stocks of 2011 originally appeared on Autoblog on Tue, 03 Jan 2012 10:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto stockscar stockschrysler stockford stockgeneral motorsgm stockmotley foolnprnysestock pricestocksTue, 03 Jan 2012 10:29:00 EST http://www.autoblog.com/feed/20138922/article-comments.xml http://www.autoblog.com/feed/2012/01/03/gm-leads-worst-performing-auto-stocks-of-2011/20138922/article-detail.xml 20138922 http://www.blogcdn.com/www.autoblog.com/media/2012/01/gm-cars-at-nyse_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/gm-cars-at-nyse.jpg <![CDATA[One year after IPO, GM stock is down by a third]]>http://www.autoblog.com/2011/11/15/one-year-after-ipo-gms-stock-down-by-a-third/http://www.autoblog.com/2011/11/15/one-year-after-ipo-gms-stock-down-by-a-third/http://www.autoblog.com/2011/11/15/one-year-after-ipo-gms-stock-down-by-a-third/#commentsFiled under: ,

General Motors LogoIt's been a full year since the General Motors Initial Public Offering, and the company's stock isn't performing as well as anyone in Detroit or Washington, D.C. would like. As The Detroit News notes, the stock has dipped by 30 percent from its initial price, thanks in part to troubles in Europe and internal dissatisfaction with the company's profit margins. As of last Wednesday, the company's stock fell by 10.9 percent to $22.31 when GM announced that its fourth-quarter earnings wouldn't make any gains over 2010. That news has prompted the U.S. Treasury, which still holds a 27-percent stake in General Motors, to hold off indefinitely on selling its remaining 500 million shares.

The Detroit News reports that if the government were to sell off its stake in the company at current trading prices, the country would lose around $15 billion on the country's investment in GM. Even with the indefinite hold on selling off the shares, the federal government has readjusted its projected losses on the automotive bailouts from $14.33 billion to $23.6 billion.

One year after IPO, GM stock is down by a third originally appeared on Autoblog on Tue, 15 Nov 2011 14:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bailoutgeneral motorsgeneral motors ipogeneral motors stockgmgm ipogm stockTue, 15 Nov 2011 14:29:00 EST http://www.autoblog.com/feed/20106710/article-comments.xml http://www.autoblog.com/feed/2011/11/15/one-year-after-ipo-gms-stock-down-by-a-third/20106710/article-detail.xml 20106710 http://www.blogcdn.com/www.autoblog.com/media/2011/11/gm-logo-250_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/11/gm-logo-250.jpg <![CDATA[U.S. hesitant to sell its GM stock due to low price]]>http://www.autoblog.com/2011/06/08/u-s-hesitant-to-sell-its-gm-stock-due-to-low-price/http://www.autoblog.com/2011/06/08/u-s-hesitant-to-sell-its-gm-stock-due-to-low-price/http://www.autoblog.com/2011/06/08/u-s-hesitant-to-sell-its-gm-stock-due-to-low-price/#commentsFiled under: , ,

GM logoThe United States government still has a vested interest in the success of General Motors. In fact, the U.S. government is sitting on 500 million shares, which are currently worth about $14.3 billion dollars based on current prices. There is a problem, though, as the U.S. Treasury Department was hoping to get a larger pile of green for its GM investment.

When GM initially hit the stock market with its IPO, the per-share price was $33. Now, it's down around $28.78, which doesn't sound like much of a drop, but across 500 million shares, that figure represents a massive hit to the wallet.

For the time being, BusinessWeek reports that the U.S. government is going to sit on the stock in the hopes that it climbs back to IPO levels.

U.S. hesitant to sell its GM stock due to low price originally appeared on Autoblog on Wed, 08 Jun 2011 14:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto bailoutbailoutgeneral motorsgeneral motors ipogmgm ipogm stockipou.s. governmentu.s. treasuryWed, 08 Jun 2011 14:01:00 EST http://www.autoblog.com/feed/19961672/article-comments.xml http://www.autoblog.com/feed/2011/06/08/u-s-hesitant-to-sell-its-gm-stock-due-to-low-price/19961672/article-detail.xml 19961672 http://www.blogcdn.com/www.autoblog.com/media/2011/05/gm-250-1305243257_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/05/gm-250-1305243257.jpg <![CDATA[CEO Akerson buys nearly $1M in GM stock]]>http://www.autoblog.com/2011/05/13/ceo-akerson-buys-nearly-1m-in-gm-stock/http://www.autoblog.com/2011/05/13/ceo-akerson-buys-nearly-1m-in-gm-stock/http://www.autoblog.com/2011/05/13/ceo-akerson-buys-nearly-1m-in-gm-stock/#commentsFiled under: ,

GM CEO Dan AkersonWhat's a good way for a CEO to show that he supports his company? Buying stock is one way to do it, and General Motors CEO Dan Akerson has done just that.

Purchased as a personal investment, Akerson has reportedly spent nearly $1 million buying up 30,000 GM shares. Akerson paid $31.33 per share, for a total purchase of $939,000. According to The Detroit News, this move brings his total investment of General Motors stock up to an even 50,000.

CEO Akerson buys nearly $1M in GM stock originally appeared on Autoblog on Fri, 13 May 2011 09:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>akersonceo dan akersondan akersongeneral motorsgeneral motors ceogeneral motors stockgmgm stockFri, 13 May 2011 09:00:00 EST http://www.autoblog.com/feed/19939172/article-comments.xml http://www.autoblog.com/feed/2011/05/13/ceo-akerson-buys-nearly-1m-in-gm-stock/19939172/article-detail.xml 19939172 http://www.blogcdn.com/www.autoblog.com/media/2011/05/dan-akerson_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/05/dan-akerson.jpg <![CDATA[Report: Fed mulling summer sale of GM stock, would take big loss]]>http://www.autoblog.com/2011/04/21/report-fed-mulling-summer-sale-of-gm-stock-would-take-big-loss/http://www.autoblog.com/2011/04/21/report-fed-mulling-summer-sale-of-gm-stock-would-take-big-loss/http://www.autoblog.com/2011/04/21/report-fed-mulling-summer-sale-of-gm-stock-would-take-big-loss/#commentsFiled under: , ,

General MotorsThe Federal Reserve is eying a move to dump a large portion of its remaining General Motors stock this summer, a move that could see taxpayers lose nearly $11 billion on the deal. According to The Wall Street Journal, GM stock hasn't done nearly as well as banks and Fed officials predicted it would, falling to $29.97 a share on Monday, down from its $33-per-share IPO in November.

According to the Journal, the Fed would need to sell the stock at $53 a share to break even on its initial $50 billion GM bailout. High fuel prices have hurt sales of trucks, which provide lots of profit for GM, while bailing managers and shaky supply lines made investors nervous; none of which has helped stock prices any.

Despite the potential to lose lots of money on the GM bailout, it's thought that the Fed would like to be shut of all its GM stock before the end of the year to avoid possible controversy in an election year. No matter what happens, the Fed will have to wait to sell any of its stock until May 22, when the IPO lockout, which prevents the government from selling its stock, ends. Even with another month to go before the sale, GM stocks aren't likely to be in much better straits by the time the Fed is ready to sell.

[Source: The Wall Street Journal]

Report: Fed mulling summer sale of GM stock, would take big loss originally appeared on Autoblog on Thu, 21 Apr 2011 08:41:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buickcadillacchevroletfederal reservefedsgeneral motorsgeneral motors stockgmgm stockgmcipothe federal reserveThu, 21 Apr 2011 08:41:00 EST http://www.autoblog.com/feed/19918894/article-comments.xml http://www.autoblog.com/feed/2011/04/21/report-fed-mulling-summer-sale-of-gm-stock-would-take-big-loss/19918894/article-detail.xml 19918894 http://www.blogcdn.com/www.autoblog.com/media/2011/04/gm-250-1299694083-1303313969_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/04/gm-250-1299694083-1303313969.jpg <![CDATA[General Motors issues second quarter dividend on preferred stock]]>http://www.autoblog.com/2011/03/18/general-motors-issues-second-quarter-dividend-on-preferred-stock/http://www.autoblog.com/2011/03/18/general-motors-issues-second-quarter-dividend-on-preferred-stock/http://www.autoblog.com/2011/03/18/general-motors-issues-second-quarter-dividend-on-preferred-stock/#commentsFiled under: ,

General Motors NYSE listing day

There are two main categories of General Motors stock; common and preferred. The preferred stock costs more, but that added price tag comes with a few extra perks. For example, preferred stock represents ownership in the company, and those shares receive priority over common stock in the event of a liquidation. GM's pricier stock also appears to have another perk - quarterly dividends.

GM announced today that preferred shareholders will receive a dividend of 59 cents per share on June 1. Anyone who holds the shares by May 15, 2011 will have rights to the extra coin, which adds up to $59.4 million for the automaker. The dividend will be the second of the year, as The General shelled out another 65 cents per share in January. Hit the jump to look over GM's brief press release.

[Sources: General Motors, ABC News | Image: Spencer Platt/Getty]

Continue reading General Motors issues second quarter dividend on preferred stock

General Motors issues second quarter dividend on preferred stock originally appeared on Autoblog on Fri, 18 Mar 2011 10:29:00 EST. Please see our terms for use of feeds.

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General MotorsAccording to The Detroit News, the United States Treasury Department is planning on quickly eliminating its shares of General Motors stock rather than trying to maximize the government's return on its investment. The news comes from Austan Goolsbee, chairman of the Council of Economic Advisors, who said that the government is interested in quickly shedding its 33 percent stake in the automaker due to the fact that it never wanted to be a shareholder in the automaker to begin with. The Detroit News reports that if the Treasury Department decided to sell its stake in GM at its current trading price, the government would lose something on the order of $10 billion.

That's out of the $49.5 billion bailout that GM received from the government.

GM shares are currently trading at their lowest levels since the company went public, thanks largely to an overall market dip. The drop came even with GM reporting its first profit since 2004.

The Detroit News reports that so far, the federal government has reclaimed $23.1 billion of its investment in GM, and that in order to recuperate the $26.4 billion, GM stock would need to trade at $53 per share. The company is trading at $33.02 at the time of this writing.

[Source: The Detroit News]

Treasury aims to sell GM shares early originally appeared on Autoblog on Fri, 25 Feb 2011 14:02:00 EST. Please see our terms for use of feeds.

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General Motors NYSE banner

All of General Motors' top brass were in person on Wall Street this morning to witness the company's return to public life. In fact, GM took over the New York Stock Exchange with a giant banner hung on the outside of the building and the revving engine of a Chevrolet Camaro SS accompanying the traditional morning bell that opens trading at 9:30 AM. Follow the jump to watch a short video of the bell-ringing/engine-revving from the show floor.

As soon as that Camaro came to life, shares of GM - given the simple stock symbol of 'GM' on the exchange - jumped up sharply from the initial IPO price of $33. They quickly hit a high of $35.99, fell a bit and are again trending upward at $35.33 at the time of this writing (Follow GM's stock in real time here at Daily Finance). To put that in perspective, GM stock traded for less than a dollar back in 2009 before the company filed for bankruptcy.

What effect does today have on the U.S. government's role in GM's future? For starters, the federal Treasury is selling off more than 400 million shares of GM, reducing its stake in the company from 61 percent to 33 percent. Reports estimate that in order for the government to break even, its remaining shares would have to be sold for an average of around $50.

Given the excitement surrounding today's historic event, which could ultimately turn out to be the largest IPO in history, and the sharp jump in share price this morning, the U.S. government breaking even on the bailing out of General Motors seems more possible today than ever before.

Stay tuned for more updates on the stock's performance throughout the day on our Twitter feed, as well as an end of day report on where it closes.

[Source: Associated Press]

Continue reading GM stock opens up, revving Camaro accompanies opening bell

GM stock opens up, revving Camaro accompanies opening bell originally appeared on Autoblog on Thu, 18 Nov 2010 10:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>breakinggeneral motorsgeneral motors stock symbolgmgm ipogm ipo symbolgm stockgm stock opensgm stock price todayThu, 18 Nov 2010 10:32:00 EST http://www.autoblog.com/feed/19723908/article-comments.xml http://www.autoblog.com/feed/2010/11/18/gm-stock-opens-up-revving-camaro-replaces-opening-bell/19723908/article-detail.xml 19723908 http://www.blogcdn.com/www.autoblog.com/media/2010/11/general-motors-nyse-banner_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/11/general-motors-nyse-banner.jpg <![CDATA[GM raises stock prices and increases size ahead of IPO]]>http://www.autoblog.com/2010/11/16/gm-raises-stock-prices-and-increases-size-ahead-of-ipo/http://www.autoblog.com/2010/11/16/gm-raises-stock-prices-and-increases-size-ahead-of-ipo/http://www.autoblog.com/2010/11/16/gm-raises-stock-prices-and-increases-size-ahead-of-ipo/#commentsFiled under: ,

General Motors IPOIf you've been squirreling away your pennies in anticipation of General Motors' IPO, we've got news for you. The company released a statement this morning announcing that it has increased its stock price from $26 to $29 per share to $32 to $33 per share. Additionally, General Motors is now planning to offer 80 million shares worth of junior preferred stock at a combined value of $4 billion - up from the initial $3 billion. The news comes after Steven Rattner, the former auto advisor for the Obama Administration, said that he expected the stock to price above the range that the GM initially filed for.

With the new outlook, GM will likely raise a good deal more than the $10.95 billion the company stood to drum up at $30 per share. The automaker's stock is expected to price sometime today before public trading begins tomorrow. Hit the jump for the official press release.

[Sources: General Motors, Reuters]

Continue reading GM raises stock prices and increases size ahead of IPO

GM raises stock prices and increases size ahead of IPO originally appeared on Autoblog on Tue, 16 Nov 2010 10:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgeneral motors ipogmgm ipogm stockrattnersteven rattnerTue, 16 Nov 2010 10:28:00 EST http://www.autoblog.com/feed/19720127/article-comments.xml http://www.autoblog.com/feed/2010/11/16/gm-raises-stock-prices-and-increases-size-ahead-of-ipo/19720127/article-detail.xml 19720127 http://www.blogcdn.com/www.autoblog.com/media/2010/11/gm-250-1289917645_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/11/gm-250-1289917645.jpg -1 2