GM Shares Close up 7 Cents in Second Day of Trading
General Motors Co. shares rose 7 cents today to close at $34.26 in their second day of trading on the New York Stock Exchange.
Trading was light at 107 million shares, compared to 458 million shares traded on Thursday. The shares traded as high as $34.50 and as low as $33.11 today, reported Automotive News.
Analysts said some investors pared their holdings after yesterday's initial public offering.
The Treasury Department, whose stake in GM fell to 33 percent as a result of the IPO, may have sold too much stock, and some buyers are now reducing their holdings, said Kirk Ludtke, senior vice president of CRT Capital Group in Stamford, Connecticut.
“Maybe Treasury pushed it too far,” Ludtke said in an interview. “Some people may have received more than expected and they are adjusting their portfolios.”
GM's owners sold 478 million shares at $33 apiece in the $15.8 billion offering, the second-largest U.S. IPO on record.
The stock opened at $35 a share yesterday.
More Industry
RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Recalled Vehicles Hit 5-Year High
Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →