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GM IPO: Dramatic Intraday Moves

Bob Pisani is off; this post was written by CNBC producer Robert Hum.

As the market’s close approached, General Motors had hit session lows, falling below $34.

Although it was about $1 ABOVE the initial pricing of $33, it was more than $1 BELOW its opening price. So what does that mean? Anybody who bought it at market right at the open is losing $1 per share (about 3% on the day) — even though the stock is technically up 3% on the day. (UPDATE: GM Shares Close Up Nearly 4 Percent)

The stock had been above $35 for most of the day up until 1pm. Since 1pm, it has been gradually drifting lower into the late afternoon.

Still it has been a strong volume debut for GM. Nearly 450 million shares have changed hands going into the close, making it the second most active stock just behind Citigroup . Meanwhile, floor volume of GM is making up about 22% of the NYSE’s total floor volume today, down a little bit from this morning’s ratio of one-third of total NYSE floor volume.

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