Auto and Auto-Related Stocks Smashed On Bankruptcy Fears

Auto and auto-related stocks are getting spanked this morning on news the viability plans submitted by GM (NYSE: GM) and Chrysler were not sufficient. GM is getting another 60 days to come up with a better plan and Chrysler will likely have to file bankruptcy if it can't strike a deal with Fiat. A bankruptcy of GM is also not out of the question, the administration indicated.

Stocks:

• GM (NYSE: GM) down 27%
  
• Ford (NYSE: F) down 16%
  
• Daimler AG (NYSE: DAI) down 8%
  
• Lear Corp. (NYSE: LEA) down 17%
  
• American Axle (NYSE: AXL) down 18%
  
• Johnson Controls Inc. (NYSE: JCI) down 8%
  
• TRW Automotive Holdings Corp. (NYSE: TRW) down 15%
  
• Goodyear Tire & Rubber Co. (NYSE: GT) down 11%
  
• Tenneco Inc. (NYSE: TEN) down 10%
  
• Gentex Corp. (Nasdaq: GNTX) down 6%

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