Ouch. With the Dow plunging ever further, more than 500 points yesterday, GM and Ford stock prices were brought to their knees. While all major indexes fell at least 5 percent in reaction to the Dow, the Detroit Free Press
pointed out that GM shares lost 10.9 percent (92 cents) to close at $7.56 per share, their lowest since February 17, 1954. They also reported Ford shares plummeting 20.9 percent (77 cents) to close at $2.92, a number last seen November 12, 1985.
Detroit Free Press used information from the Center for Research in Security Prices (University of Chicago) to calculate the losses. The auto industry has been ravaged by recent economic troubles, with sales at their lowest point in 15 years.
In light of the spreading financial crisis and the $700 billion government
rescue package for Wall Street, will the recent $25 billion low-interest loan for domestic automakers be enough? Maybe Jalopnik wasn't being so silly when it published its list of "Top Ten Vehicles for The Coming Financiapocalypse