GM

GM IPO
11:32 am
Fri November 19, 2010

Just what does GM's IPO mean for Michigan

General Motors

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.

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GM IPO
5:10 pm
Thu November 18, 2010

GM IPO largest on record, taxpayers recover billions

GM Shares will start trading at $33 per share after the largest IPO on record.
Roland Weber Creative Commons

Update: 5:10pm

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."

Update: 3:00pm

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."

Update: 11:04pm

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): 

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Auto bailouts
5:15 pm
Wed November 17, 2010

"Successful Bankruptcies" - report says Detroit bailouts were worth it

GM and Chrysler suffered through bankruptcy in large part because it relied so heavily on SUV sales.
user ep_jhu Creative Commons

The Center for Automotive Research released a report today that analyzed the government bailouts of General Motors and Chrysler.

$80 billion was given to the auto companies. To date $13.4 billion has been repaid.

Tomorrow the GM "initial public offering" is expected to raise another $22 billion.

The reports authors say that even if the government doesn't get all of the $80 billion back, the government's investment will still have been worth it.

The report concludes:

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General Motors
4:14 pm
Wed November 17, 2010

GM IPO could break records

U.S. Treasury Secretary Timothy Geithner has been the architect behind the GM IPO.
Jay Tamboli Creative Commons

The Wall Street Journal is reporting that GM's IPO tomorrow could be a biggy:

General Motors Co. said Wednesday that it will increase the size of its initial public offering by about 30% to 478 million shares, which could make it the largest global IPO in history.

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General Motors
8:39 am
Tue November 16, 2010

GM boosts stock price

General Motors says it’s raising the price range for its initial public stock offering.

The stock will sell for $32 to $33 per share.

That price range is about 14% higher than was previously expected.

GM didn’t give a reason for the increase but people who have been briefed on the sale say it’s because of high demand from investors.

The IPO is expected on Thursday.  The Detroit Free Press reports, "the U.S. Treasury is selling 365 million shares, which will reduce its stake in GM from 60.8% to about 40%."

General Motors
5:12 pm
Mon November 15, 2010

Background on the GM IPO story

The old GM Headquarters in Detroit.
Historic American Buildings Survey

General Motors (GM) will be in the news a lot this week, so if you sat out the GM story up until this point, here's a quick summary to get you caught up.

Today's General Motors is not your father's General Motors. The old GM went bankrupt. The company couldn't pay its bills (they had some big ones).

But instead of letting the whole company collapse, a court stepped in to reorganize the auto giant (under chapter 11 bankruptcy).

The court split the old GM in two.

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Auto
9:21 am
Fri November 12, 2010

Auctioneers sell off items at shuttered GM plant

GM's Wyoming Stamping Plant closed in June of 2009. Auctioneers are selling of the contents of the plant.
Lindsey Smith Michigan Radio

Michigan Radio's Lindsey Smith covered the auction at the former GM Wyoming Stamping plant. The plant closed in June 2009 as part of GM's bankruptcy.

The auction was held on Wednesday and Thursday of this week. The auctioneers said they'll sell off anything leftover today.

Smith said it was easy to get lost as she took photos of the more than 2 million square foot building. Here's an audio slideshow she put together:

GM IPO
8:57 am
Mon October 18, 2010

Is the General Motors IPO losing steam?

GM's Headquarters in Detroit
John F. Martin Creative Commons

 Next month’s General Motors’ big stock offering is expected to be much less than at one time predicted.

The GM Initial Public Offering is expected to hit the market around November 18th.

 When GM initially started talking about selling stock, the speculation was that November’s sale could be easily one of the largest initial public offerings in history.   Perhaps generating more than $16 billion.

Now some analysts are predicting the GM IPO will collect only about $6 billion. 

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'Government Motors' no more?
2:23 pm
Tue October 12, 2010

GM moving closer to November stock sale

GM's Renaissance Center in downtown Detroit.
Steve Carmody Michigan Radio

General Motors (or should I say General Motors Holding Company) is planning to hold a public stock sale in mid-November. It will be the first since the world's largest company emerged from chapter 11 bankruptcy reorganization last year.

General Motors Holding Company emerged as the wheat. Motors Liquidation Company emerged as the chaff.

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Volt's Shocking Media Release
12:12 pm
Tue October 12, 2010

Chevy Volt gets another step closer to showrooms

Electric car enthusiast Tim Stump takes a look at the Volt's interior.
Charles Manley Michigan Radio

The Chevy Volt got one step closer to the showrooms this week. The electric vehicle was unveiled to the media.

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