Thursday, July 10, 2014





GM stock rises above $33 for first time in 2 years


May 17. 2013 1:39PM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Shares of General Motors reached an important milestone on Friday, topping their initial public offering price of $33 for the first time in more than two years.


The automaker's stock, which has been on a tear since January, reached $33.58 Friday morning before slipping back to $33.52, up 3.5 percent, around midday. The auto giant sold shares to the public for $33 in a November 2010 IPO, but they hadn't traded above that price since May 4, 2011.


The rally is good news for the U.S. Treasury, which has been selling off its GM holdings. Taxpayers still own 241.7 million shares, as a result of the government's $49.5 billion bailout of the company in 2008 and 2009.


GM two weeks ago reported strong first-quarter earnings on sales in North America and China. The shares have gained almost 14 percent this year.


Friday's increase was likely due to general market gains and better prospects in Europe, where GM has lost money for more than a dozen years. The European automakers association said Friday that registrations rose last month for the first time in 18 months. European Union sales were up 1.7 percent, but GM sales fell 4.5 percent.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds