Amidst a massive selloff on the Dow Jones this afternoon, a couple of things have been overlooked. GM in the first day into it’s second century of operation, closed below $10 per share at $9.98 down almost 8% from yesterday.
GM CEO Wagoner, blames lack of consumer confidence, the big Wall Street selloff and several other factors for the price slide.
Without a doubt, the auto sector is in turmoil, when all parties involved, Tier 1 suppliers, manufacturers and dealer groups posted sharp declines today.
Lear Corp. posted an 8% decline, along with AutoNation, which also posted an 8% decline. Bill Gates who became a stockholder of Auto Nation earlier this year must be quite displeased. Or maybe, he is just gearing up to sell Microsoft operating systems for cars through Auto Nation as he quietly manuevers himself into a larger shareholder position.
