GM shares shares finished their first day up by 3.6 percent

Article by Christian A., on November 20, 2010

On the first day of General Motors Co. on the New York Stock Exchange, its shares went up by 3.6 percent amid heavy volume. Its shares closed at $34.19, signifying a $1.19 gain over its initial stock offering price of $33 a share.

Less than a year after emerging from bankruptcy, GM returned to public stock markets, helping pace a 173-point gain on the Dow Jones industrial average.

Trading began at $35 and climbed as high as $35.99 in early trading. The price gradually dropped in the day during heavy trading volume as more than 452 million shares traded hands.

According to Obama administration officials, the strong market debut for GM signifies that the government made the correct choice in restructuring GM with $50 billion in financing since 2008. 

At a press conference at the White House, President Barack Obama said that the American auto industry, “the proud symbol of American manufacturing might for more than a century,” is rising once again.

He said that for the first time in six years, Ford, GM and Chrysler are all profitable. The trading of GM’s shares on the New York and Toronto stock exchanges wasn’t started off with the traditional ringing of the bell. Instead, the rev of a Camaro engine was heard through the halls of the New York Stock Exchange. [via autonews - sub. required]

Topics: gm, shares

If you liked the article, share on:

Comments

Recommended

After the highly dynamic Polestar 1 two-door coupe – Polestar’s first ever production car -- was recently unveiled, not a few people’s curiosity was piqued as to how much they...
by - October 21, 2017
The BMW 7 Series is already highly sought after but nonetheless, the German marque is giving it a more exclusive variant for the Russian market, and they are calling it...
by - October 20, 2017
Several automakers including Porsche, Volkswagen, Smart and even Land Rover have all been victimized by cheap Chinese copycats. And if you haven’t seen it yet, the most recent one would...
by - October 20, 2017
The Mercedes-Benz G-Class has been around for quite some time now but to bid it farewell, the company has launched the Mercedes-AMG G65 Final Edition. Mercedes will only build a...
by - October 20, 2017
Have you ever wondered what you can you buy with $9,365 in your pocket? Well, you have quite a lot of options. In fact, you can even purchase a used...
by - October 20, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries