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Saved by stimulus funding, GM posts first annual profit since 2004
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02-25-2011, 02:55 AM
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Catalogov
Join Date
Oct 2005
Posts
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Senior Member
Did ya see where Government Motors gave their union workers a $4,000 bonus???
How about paying off the taxpayers that saved their union-luvin' butts first????
http://www.businessweek.com/news/201...ns-trucks.html
GM Falls to Lowest Since IPO as Rising Oil Threatens Trucks
February 24, 2011, 4:36 PM EST
By Craig Trudell and David Welch
(Updates with closing share price in second paragraph.)
Feb. 24 (Bloomberg) -- General Motors Co. fell to the lowest since its initial public offering in November as rising oil prices dimmed the outlook for truck sales after the largest U.S. automaker’s most profitable year since 1999.
GM slid $1.57, or 4.5 percent, to $33.02 at 4:15 p.m. in New York Stock Exchange composite trading. The shares earlier fell as low as $32.05, less than the $33 initial offering price in November.
Chief Executive Officer Dan Akerson is speeding the development and introduction of new models, including more fuel- efficient cars that may sell better as gas prices rise. GM used larger discounts and sales incentives in January and February to lure buyers before vehicle introductions pick up in 2012.
“The worst-case scenario is that GM uses pricing to get them through this gap in new product they’re in, and then you combine that with oil spiking,” Nicholas Colas, chief market strategist at BNY ConvergEx Group in New York, said in a telephone interview.
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