GM files for bankruptcy; stocks soar

[dbackjon]

The automaker will close a dozen plants and cut thousands of jobs. Stocks rally on better-than-expected manufacturing and construction spending reports, along with news that China's manufacturing expanded. The U.S. savings rate hits a 14-year high.


The next chapter in the 100-year history of General Motors (GM, news, msgs)will play out in bankruptcy court.

The U.S. automaker filed for bankruptcy protection this morning, following Lehman Bros. and WorldCom as the third-biggest bankruptcy in U.S. history. Chrysler listed $39 billion in assets when it filed for bankruptcy on April 30.

In its filing, GM said it had $82.29 billion in assets and $172.81 billion in debt.

Shares of GM were up 14 cents, or 18.7%, to 89 cents this afternoon.

More broadly, stocks were surging on news that China's manufacturing sector expanded for a third month, as well as some encouraging U.S. reports on manufacturing and construction spending. At 12:10 p.m. ET, the Dow Jones Industrial Average ($INDU) had jumped 209 points, or 2.5%, to 8,710. The Nasdaq Composite Index ($COMPX) had gained 49 points, or 2.8%, to 1,824, and the Standard & Poor's 500 Index ($INX) was up 23 points, or 2.6%, to 943.

[polsongrizz]

This link will take you to an interactive map of those that are known at this time. the original number to close was around 1100, but I just read that number is now 2000.

http://www.huffingtonpost.com/2009/05/1 ... 04031.html

[Ivytalk]

Today, we'll see if the "GM rally" has legs.

[Cap'n Cat]

As I noted in another thread, this is shaping up, possibly, to be a good government/business compact to pick up all the broken glass.


The two need each other, Rushniks. No one but Limborg can deny it.

[Appaholic]

As I noted in another thread, this is shaping up, possibly, to be a good government/business compact to pick up all the broken glass.


The two need each other, Rushniks. No one but Limborg can deny it.

Yep...but Ford needs neither.....my $2.85 stock purchase is looking good at $6.18...just wish I had bought more than 1 share...

[Ibanez]

As I noted in another thread, this is shaping up, possibly, to be a good government/business compact to pick up all the broken glass.


The two need each other, Rushniks. No one but Limborg can deny it.

Yep...but Ford needs neither.....my $2.85 stock purchase is looking good at $6.18...just wish I had bought more than 1 share...

I bought about $100 bucks of Ford when It got to $2.86. I'm happy now.