Like most analysts, Rod Lache has concluded that a government bailout is not likely to help the shares, that even with a bailout GM's future, if it is not in bankruptcy, is likely to be "bankruptcy-like."
Stock index futures pointed to a sharp rally at the open Monday, thanks in part to China announcing a near-$600 billion economic stimulus plan over the weekend.
Australia's government is to inject an extra $2.3 billion into the ailing car industry to offset tariff cuts and a global economic slowdown, Prime Minister Kevin Rudd said on Monday.
Like anxious relatives in a hospital room, investors have been watching the economy get sicker and sicker with new symptoms surfacing daily.
The Dow picked up gains on Friday with investors gobbling up shares of commodity and tech stocks currently trading at multi-year lows.
Stocks bounced back after a two-day selloff as traders shrugged off a bigger job loss than expected. It was a welcome reprieve after the bloodbath of the last two days but wasn't enough to dig out stocks completely and the Dow ended down 4 percent on the week.
Markets are braced for more hemorrhaging in jobs, with a Friday employment report expected to record 200,00 more jobs vaporized in October. This would push the jobless rate up two-tenths of a point to 6.3 percent.
For the week, the major industries saw uniform declines: Dow Industrials down 4.1 percent, S&P 500 down 3.9 percent, NASDAQ down 4.3 percent. However, financials were down 8.1 percent, while consumer staples were down only 1.2 percent.
Washington needs to make saving this company its number-one priority, Cramer says.
The job losses in this downturn are hitting workers across all income levels and job categories, and the cuts are swifter and broader than in past recessions.
Stocks bounced back after a two-day selloff as traders shrugged off a bigger job loss than expected. However, a larger-than-expected loss from General Motors clipped some of the Dow's gains as did the first press conference with President-Elect Barack Obama.
Under normal circumstances, companies try to put the best face on bad news. But we are not in normal circumstances.
General Motors is not considering bankruptcy despite a sharp downturn in sales and cash position, but the industry needs fast action by the government to prevent a "devastating" impact on the economy, GM Rick Wagoner said on CNBC.
Stocks rebounded after a two-day selloff as traders shrugged off a bigger job loss than expected. The 240,000 drop in payrolls was a dismal indication of the economic situation but a lot of that was priced in during the selloff of the past two days, when the Dow lost 10 percent.
GM and Ford reported far deeper-than-expected quarterly losses as an extended slump in car sales raised questions about the future of the US auto industry
Ford Motor's need for government assistance will depend on how rapidly the economy decelerates, but the company is not in immediate need of immediate help, CEO Alan Mulally told CNBC.
Despite federal bailouts, the auto buying landscape has changed and may never return to what shoppers have come to expect in the last five years. If you need to buy a new vehicle now, here's what you can expect.
The nation's unemployment rate is at a 14-year high, General Motors reported a massive third-quarter loss and says it may run out of cash next year, and Ford is planning more job cuts after burning through billions of its own.
When all was said and done, futures are relatively flat. The game plan for the past two days has been to short the market going into the jobs report, and if it was not dramatically worse to push a modest rally.
The latest overall job loss numbers showed a loss of 240,000 jobs in October and the unemployment rate climbed to 6.5%. This is the highest unemployment rate since March 1994. The September payroll numbers were revised to a loss of 284,000. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.