GM shares hit 70-year low as bailout hopes dim

Puntúa la noticia :

Nota de los usuarios: - (0votos)

• Bolsa, mercados y cotizaciones
• Empresas y finanzas
• Telecomunicaciones y tecnología

Share

Tweet

elEconomista.es en Twitter

Follow @eleconomistaes

EcoTablet - ¡Gratis en App Store!

La plataforma más completa de información y servicios económicos para iPad.

• Suscribirse al boletín
• Imprimir
• Enviar
• Aumentar texto
• Reducir texto
• Haga doble click sobre una palabra para ver su signifcado
• Sudoku: Juega cada día a uno nuevo
• El tiempo: Consulta la previsión para tu ciudad

DETROIT (Reuters) - Shares of General Motors Corp tumbled more than 35 percent to hit a 70-year low on Thursday as prospects dimmed that lawmakers would reach a compromise on a proposed $25 billion bailout for U.S. automakers before Congress adjourns this week.

Shares of Ford Motor Co also fell, dropping nearly 17 percent to their lowest level in 27 years, and auto parts suppliers declined across the board amid concerns a failure by one of the U.S. automakers would touch off a cascade of failures in the struggling industry.

Without a deal this week, any bailout is likely to have to wait until the new Obama administration takes over in January, by the time GM has warned it would run desperately short of its minimum cash needs.

Failure to craft a deal carries the risk that one or more of the U.S. automakers -- GM, Ford or Chrysler LLC -- could be forced into bankruptcy, analysts have warned.

Citigroup analyst Itay Michaeli said little progress appears to have been made to break the stalemate in the Senate over the mechanics of sourcing a $25 billion loan package. Any government actions to provide bridge loans are not expected to entirely solve GM's liquidity outlook through 2009, he added.

"We remain concerned that failure to obtain liquidity through this session may contribute to stakeholder perceptions that Detroit's liquidity options are dwindling, which in itself could increase the risk of a working capital driven liquidity crunch," Michaeli said in a research note.

Chances dimmed that a last-minute plan being crafted by Republican U.S. Senators, with White House support, to provide $25 billion to bail out U.S. automakers would receive enough backing from Democrats to pass before the end of this week.

Shares of GM were down 36.92 percent, or $1.02, to $1.78 in morning trade, after earlier plunging to $1.70, their lowest level since 1938.

Shares of Ford fell 21 cents to $1.05, their lowest level in 27 years, while auto parts supplier TRW Automotive tumbled nearly 22 percent to $2.10.

(Reporting by Soyoung Kim, editing by Dave Zimmerman)

PUBLICIDAD

- Recibe nuestros análisis Diarios sobre Divisas, Acciones y Opciones. ¡Apúntate ya! ¡Es GRATIS!

- Opere en más de 8.000 CFDs. Infórmese y obtenga su CFD Trading Guide

- Nuevos spreads en materias primas: Oro tan sólo 0,3 puntos, Plata 0,25, Petróleo 0,35

- Opera desde 2,95 € en tiempo real con Self Bank.