GM Shares Close up 7 Cents in Second Day of Trading
General Motors Co. shares rose 7 cents today to close at $34.26 in their second day of trading on the New York Stock Exchange.
Trading was light at 107 million shares, compared to 458 million shares traded on Thursday. The shares traded as high as $34.50 and as low as $33.11 today, reported Automotive News.
Analysts said some investors pared their holdings after yesterday's initial public offering.
The Treasury Department, whose stake in GM fell to 33 percent as a result of the IPO, may have sold too much stock, and some buyers are now reducing their holdings, said Kirk Ludtke, senior vice president of CRT Capital Group in Stamford, Connecticut.
“Maybe Treasury pushed it too far,” Ludtke said in an interview. “Some people may have received more than expected and they are adjusting their portfolios.”
GM's owners sold 478 million shares at $33 apiece in the $15.8 billion offering, the second-largest U.S. IPO on record.
The stock opened at $35 a share yesterday.
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