« S&P estimates subprime writedowns can reach $285 billion
Please bookmark »

GM, Ford shares drop as worries mount on Wall Street

SAN FRANCISCO (MarketWatch) — General Motors Corp. and Ford Motor Co. both saw their shares fall about 5% during Thursday’s market retreat after a bearish note from Morgan Stanley added to mounting concerns over the fate of automakers in the brutal U.S. economic climate. Analyst Jonathan Steinmetz cut his 2008 earnings targets for both GM and Ford and lowered his outlook for total U.S. auto sales this year. GM shares fell as much as 9% to $19, their lowest level since January 2006. Ford fell as low as $5.12, a level not seen since 1991.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Original post by Forextvblog

This entry was posted on Thursday, March 13th, 2008 at 9:55 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply