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Delphi stock not doing well in first day of trading
TweetPublished: Thu, November 17, 2011 @ 1:27 p.m.
TROY, MICH. — Shares of auto parts maker Delphi are falling in their first day of trading after an initial public stock offering.
The former General Motors Co. division priced its shares in the IPO at $22 each. That was the low end of the expected range of $22 to $24.
Delphi Automotive PLC, based in Troy, Mich., won’t get any of the proceeds from the $530 million IPO. Stockholders sold all 24.1 million shares in the offering.
The stock is trading this morning on the New York Stock Exchange under the symbol “DLPH.” Shares are down 1.5 percent, or 33 cents, at $21.67.
GM spun Delphi off in 1999. The company was forced into bankruptcy protection in 2005 but emerged four years later.
Comments
Surpise, surprise!! The Coporation that along with GM screwed 21,000 retirees out of their earned pensions! BOYCOTT GM products, GM & Delphi stock. They don't deserve the Valley's support, nor the nation's!
Thank you Derf! The way for a boycott to succeed is to make it spread. My family & friends are boycotting, and they too are spreading the word. SPREAD THE WORD & BOYCOTT GM!
You have to be crazy to buy Delphi stock after what they did to the previous shareholders.
Burn me once, shame on you. Burn me twice, shame on me.
Should've joined a union.
I do get a kick out of these salaried people who think/thought that they were above any union, and important enough that they could negotiate their own worth get a dose of reality.
Unless you're upper-level management, you're not that important to the company. Vote GOP and tell yourselves that you're not like all those union knuckledraggers, but it's in situations like this where reality kicks in and you can see how valued you really were.
You're right. We found out just how little employees/retirees are valued by today's Corporations, particularly unethical GM/Delphi. Thanks for pointing out the reason to BOYCOTT GM until this injustice is settled!