GM Stock Now Trading Below $30, Akerson Blames Oil Prices, Japan Crisis
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During the IHS Automotive Forum just before the 2011 New York International Auto Show went underway, Dan Akerson had the floor and delivered a speech with the goal of reassuring that he and General Motors are on the right track. Then the questions from the media started.
When asked about why GM stock seems to be on a downward trend since its IPO, Akerson listed the sky-high price of crude oil and the tsunami disaster in Japan that his crippled the global automotive supply chain. At the same time, he shrugged off the notion that the company’s heavy incentive spending during the first quarter of the year — mostly in February — has investors concerned that the move has cut into company profits.
At the time of this writing, the current trading price does not bode well for the U.S. Treasury if they want to make a profit from selling its remaining shares of the company.
Source: The Detroit News
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