General Motors (GM) Falls to New Post-IPO Low as Global Fears Weigh (F) (TM)
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General Motors (NYSE: GM) is slumping to a new post-IPO low Monday at $18.85, amid more news out of Europe that Spanish banks would be making funding requests with the central government, while German news source Der Spiegel said the International Monetary Fund (IMF) would stop sending financial aid to Greece.
Yields on 10-year U.S. Treasuries moved for a new record low at 1.414 percent.
The news is causing a double-digit drop in the Dow Jones Industrial Average, as well as other U.S. markets.
For the automakers, like GM, shares have been hit on worries in Europe. Since GM's re-IPO in November 2010, many have called into question the effectiveness of the auto bailout instituted in 2008 - 09. But, GM isn't alone today; shares of Ford dropped to $9.05, their lowest point since late 2009.
Toyota is only moving to its lowest point since earlier in 2012.
Data earlier from Sonic Automotive (NYSE: SAH) may help automakers in the U.S. market, with it and peer AutoNation (NYSE: AN), reporting stronger new vehicle sales for the second quarter.
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Yields on 10-year U.S. Treasuries moved for a new record low at 1.414 percent.
The news is causing a double-digit drop in the Dow Jones Industrial Average, as well as other U.S. markets.
For the automakers, like GM, shares have been hit on worries in Europe. Since GM's re-IPO in November 2010, many have called into question the effectiveness of the auto bailout instituted in 2008 - 09. But, GM isn't alone today; shares of Ford dropped to $9.05, their lowest point since late 2009.
Toyota is only moving to its lowest point since earlier in 2012.
Data earlier from Sonic Automotive (NYSE: SAH) may help automakers in the U.S. market, with it and peer AutoNation (NYSE: AN), reporting stronger new vehicle sales for the second quarter.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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