Somewhere Walter P. Chrysler and Alfred Sloan are shaking their heads. The men who left an indelible impression on the American auto industry must be watching what will happen today and wonder, "do these guys really have a shot at making it?"
Stocks capped a winning month with a 1-percent rally Friday as traders squeezed in a few last-minute trades to close out the month of May. Investors were encouraged by a jump in consumer sentiment and less-bad GDP report. Oil stocks benefited from the rise in oil prices. Dell ended higher after beating its earnings target. GM ended at 75 cents a share.
Get ready folks: America is about to own a car company. As of Monday, we the taxpayers will own more than 70 percent of GM. Whether the company will be formally renamed Government Motors remains to be seen. But that’s what it will be.
Visteon, the top supplier to and a former subsidiary of Ford, filed for bankruptcy protection on Thursday, citing liquidity and debt problems, and turmoil in the automotive industry.
Stocks made another break higher Friday as investors were encouraged by a jump in consumer sentiment and less-bad GDP report. Oil stocks benefited from the rise in oil prices. Dell shot out of the gate after beating its earnings target but other techs were slow to follow. GM fell below $1.
The government bailout of General Motors includes a valuable prize for the ailing carmaker: a tax break that could save GM and its future investors more than $12 billion.
Shares of General Motors have fallen below $1 for the first time in 76 years as a Chapter 11 bankruptcy filing for the automaker appears increasingly likely.
Stocks wobbled Friday as investors were encouraged by a jump in consumer sentiment less-bad GDP report but still remained a bit jittery. Dell shot out of the gate after beating its earnings target but other techs were slow to follow. GM fell below $1.
Stock index futures indicated a higher open for Wall Street Friday after the latest GDP report showed the economic decline began to slow in the first quarter.
The Obama administration estimates that any GM bankruptcy would take at least 60 to 90 days and perhaps longer, a senior official said.
Stocks ended higher Thursday as crude prices climbed after an inventory pare-down and the results of the Treasury bond auction eased concerns about government debt.
Stocks rebounded Thursday as crude prices climbed after inventories were pared more than expected. Stocks had gotten off to a wobbly start as investors juggled a bleak report on new-home sales with any optimism from the unexpected drop in jobless claims and GM's deal with bondholders.
Chrysler is hurtling through the bankruptcy process and appears on track to emerge soon as a new company, just one month after its Chapter 11 filing. Then the hard part begins. The New York Times explains.
Stocks retreated Thursday, after a higher open, as bleak report on new-home sales overshadowed any optimism from the unexpected drop in jobless claims and GM's deal with bondholders.
Stocks opened higher Thursday after an unexpected drop in initial jobless claims.
Futures held onto gains Thursday after an unexpected drop in initial jobless claims. However, the gains were muted as Dow component P&G slashed its outlook.
Someone needs to protect retail investors from this all but worthless stock, the Mad Money host says.
Should we worry about the agency’s ability to save the banks? Cramer tried to find out.
Stocks finished near session lows Wednesday as rising bond yields on government debt raised concern that borrowing costs are going to start going up and tamp down the economic recovery.
The Obama administration continues to try to facilitate a long-shot debt-reduction agreement with reluctant General Motors bondholders despite a bankruptcy deadline.