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GM shares jump on Wall Street return



Published: Thu, November 18, 2010 @ 10:30 a.m.

NEW YORK (AP) — General Motors stock began trading on Wall Street again today, signaling the rebirth of an American corporate icon that collapsed into bankruptcy and was rescued with a $50 billion infusion from taxpayers.

The stock rose sharply in its first minutes of buying and selling, going for nearly $36 per share — nearly $3 more than the price GM set for the initial public offering. The stock traded for less than a dollar when the company filed for bankruptcy last year.

On the floor of the New York Stock Exchange, a crowd eight deep jostled around the company's trading post, adorned with its familiar blue-square logo with an underlined "GM." CEO Dan Akerson rang the opening bell as raucous cheers went up and the sound of a Chevrolet Camaro's revving engine echoed through the room.

The government hopes that the stock offering will be the first step toward ultimately breaking even on the bailout. For that to happen, the government needs to sell its remaining GM holdings for an average of roughly $50 a share over the next several years.


Comments

1goman71(104 comments)posted 3 years, 10 months ago

where is all the people who were calling the gm bailout socialized blasphemy. lets see , they paid all the stimulus money back with interest, their stock sold today at 36 dollars a share they made themselves smaller and more productive and quality control has moved higher while the asian carmakers actually moved down in quality. would it really have been better to watch the company go down in flames like some people suggested? you cant be hands off on everything like the republicans wanted us to believe. oh im sorry they were for the bailout for the banking industry , so they could still give the ceo's of the poorly run banks their bonuses due. they deserved the money , just not GM.

Suggest removal:

2JeffLebowski(953 comments)posted 3 years, 10 months ago

Thomas, I looked at some of your comments. You seem like a pretty optimistic, tolerant person. Good luck.

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