GM Shares Plunge to 53-Year Low
As Investors Worry
By JOHN D. STOLL and SERENA NG
June 27, 2008; Page B3
General Motors Corp.'s shares sank to a 53-year low Thursday on concerns about liquidity, equity dilution and a potential dividend cut, heightening speculation that the auto maker doesn't have enough cash to finance its turnaround.
GM stock fell $1.38, or 11%, to $11.43 in 4 p.m. composite trading on the New York Stock Exchange. In intraday trading, the shares slipped as low as $11.21. That was their lowest point since 1955, according to Reuters, when GM was making cars with tail fins and Dwight Eisenhower was president.