Auto Analyst: Kerkorian Sale Of GM Stock "Embarrassing"
We’ll be keeping a close eye on GM today -- there are November sales figures to sort through and we'll also be watching to see if there is any fall out from a story first reported here by CNBC’s David Faber concerning Kirk Kerkorian selling his entire stake in the company. For more perspective on what’s happening at GM , CNBC’s Mark Haines spoke with Michael Ward--Auto Analyst with Soleil Securities.
Mark Haines suggested that Kirkorian's stock sale is kind of embarrassing for GM and Ward agreed. From inside the company--Kirkorian saw something that he didn't like.
Ward said it will force GM and all the car makers to look at fundamentals. GM needs to start spending heavily on product and they need to focus hard on small vehicles. He thinks it's going to be a tough couple years. With demographic shifts moving away from them, there's a lot of work to do in Detroit.