Shares of GM have been getting hammered due to growing speculation the beleaguered auto maker is edging closer to filing for bankruptcy.
The stock dropped as low as $1.28 (down 58 cents/more than 30%). At that price, GM shares were trading at their lowest level since April of 1933.
Today's sell off is fueled largely by fears GM executives are more open to the idea of filing for bankruptcy. Going into chapter 11 would wipe out GM shares, and those who still hold GM stock are thinking it's probably better to get something instead of nothing for their investment. GM maintains that it would prefer to restructure the company outside of bankruptcy court, with the assistance of the Federal government....MORE
See also our post: "Short GM to Zero: Obama Auto Team Drives Imports"