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.
More Industry
World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →
Black Book: Weekly Market Update
Used-vehicle market depreciation was the prevailing story in the wholesale market last week.
Read More →
Smaller Is Looking Better
A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
Read More →
U.S. EV Market Slowly Stabilizes
U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.
Read More →
Global EV Market Entering New Phase
Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.
Read More →
Black Book Weekly Market Update
The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.
Read More →
Auto Affordability in Context
Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
Read More →
Black Book: Weekly Market Update
Automotive auction inventory increased last week, giving choosy bidders even more leeway.
Read More →