AppId is over the quota
AppId is over the quota
By AutoObserver Staff October 4, 2011
Despite a new 4-year labor agreement with the United Auto Workers union for General Motors Co. and Tuesday’s promise of one for Ford Motor Co., stock prices for the two companies dived to new lows this week on continuing concerns about a new global recession. Crude-oil prices also drove through lows not seen in more than a year, although gasoline prices have been slower to follow. Stock prices for many global automakers also were in sharp decline on Tuesday as the world focuses on Europe’s financial morass.
Healthier auto sales in September could not reverse the larger issues pressing on automakers. Near midday on Tuesday, GM’s stock price dipped toward $19, some 45 percent off of its initial offering price of $35 in November, 2010, and a new low for the share price of the post-bankruptcy GM. For Ford, prices on Tuesday hovered near $9, a low the stock has not seen since late 2009. Ford and the UAW on Tuesday announced a tentative agreement on a new 4-year labor contract said to see Ford invest nearly $5 billion in U.S. manufacturing and add nearly 6,000 jobs.
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