Thursday, October 09, 2008

GM shares drop to lowest level since 1950

Shares of General Motors plunged to their lowest level since the middle of the last century on fears of a global collapse in the auto market.

GM shares fell as much as 22 percent to $5.42 -- driving its market capitalization to its lowest level since 1929, according to California-based Global Financial Data.

Shares of Ford Motor Co, which hit a quarter century low on Wednesday, shed as much as 13.5 percent and major auto parts makers declined as well.

GM's market cap stands at about $3.3 billion, compared with a market cap of about $4 billion in March 1929 before the stock market crash that preceded the Great Depression.
On the upside, this is definitely a buyer's market if you have some cash lying around. You could probably get a great price, a low interest rate, free floormats, and the dealer's virgin daughter.

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