The New York Stock Exchanged closed. AFP News reports "GM stocks closed at 34.19 dollars, up 3.6 percent from GM's initial sale price announced on Wednesday, but below session highs of 35.60 dollars a share."
The Detroit News reports the GM executives who attended the opening day for GM stock on the New York Stock Exchange bought hundreds of shares in the company themselves.
GM North American chief Mark Reuss called it an emotional day, saying he was proud to work for GM and thanking taxpayers for giving GM "a second chance."
The News reports the GM execs will head back to Detroit "after today's events in order to attend a private employee celebration at the company's Renaissance Center headquarters."
GM executives rang the bell and played a recording of a Chevy Camaro revving its engine to open trading at the New York Stock Exchange this morning. As of this writing, the stock, bought during the IPO at $33 per share, has jumped to $35 per share in trading. Here's how it's tracking next to Ford's stock (F):
General Motors has just announced that it will hire 1,000 engineers to work on battery technology in Michigan. The jobs include helping to develop batteries for hybrid, electric and hydrogen fuel cell vehicles. Most of the jobs will be at a technical center in Warren.
The Detroit Free Press reports the jobs come as GM:
…prepares to deliver the first Chevrolet Volt extended-range electric cars next month… GM plans to build 10,000 Volts by the end of 2011 and at least 45,000 in 2012. Initially, the Volt will sell in California, New York City, Washington, D.C., and Austin, Texas. Next spring, those markets will expand to include Michigan, New Jersey, Connecticut and the rest of New York and Texas. Within a year and a half, GM plans to sell the Volt nationwide.
General Motors (GM) stock returned to trading on Wall Street yesterday for the first time since the company collapsed, declared bankruptcy, and was rescued by an infusion of fifty billion taxpayer dollars.
While Michigan has been focusing on diversifying its economy to make up for the loss of jobs in the auto industry, GM's return to public trading suggests that the auto industry in Michigan will continue to be a major economic player in the region.