Remember the GM IPO on November 17th of last year?
Standing with GM CEO Dan Akerson and his top lieutenants after the rang the opening bell, it was all about the rebirth of America's largest automaker.
The stock opened at $33 and spent most of that first day above the offering price, closing at $34.19. At the time, Wall Street was bullish on the stock, with more than a few analysts predicting shares could get as high as $50 a share.
A year later, that optimism has vanished. At least among investors.
After rising above $38 in January, shares of GM fell under the IPO price of $33 by late February and began a long slide. They even fell under $20 a share in September. While they've bounced back since then, GM trade just over $23 and there's no sign it will make it back to the IPO price anytime soon. Sure investors have knocked the stuffing out of the auto stocks this year, but in GM's case, there seems to be little the Company can do to make its stock attractive.
Ironically, when you ask money managers or analysts about GM shares, you often hear the usual: The balance sheet looks strong, sales are strong, but investor sentiment is weak. Some of that is hangover from the bankruptcy. Some of that is because there are investors who believe GM management will eventually slide back to making the same mistakes the company made before bankruptcy.
So you tell me, what specifically bothers you about GM?
On CNBC's Squawk BoxThursday morning, we will be talking to GM CEO Dan Akerson. He'll make the case for why the new GM is primed to grow sales, profits, and ultimately the stock price. We'll also get his take on why investors aren't buying the GM message.
Have a question, gripe, complaint, compliment you want to say to Akerson — send them to us here at Behind the Wheel the email is here - or, just write in our comments section.
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