General Motors Corp. (Old Stock) (GM) Yearly Returns
Gain or Loss
Percent Gain or Loss
*The 1989 ending price for General Motors has been adjusted for a 2 for 1 stock split.
*In 2010, GM issued new common stock after filing for bankruptcy in 2009.
Calculations do not reflect any dividends paid or any stock spinoffs from original stock. Taxes and commissions are not factored into calculations. Data is property of 1stock1 and written permission must be granted before redistributing any data (in part or in whole).
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GM went public 10 years ago, and it’s been a mediocre investment — here’s how it can improve for the next 10
Ten years ago, General Motors made its second debut on the New York Stock Exchange in what was then the largest initial public offering in U.S. history — ushering in a new era of renewed optimism for the company and U.S. economy after emerging from bankruptcy in the Great Recession.
Then-CEO Dan Akerson rang the opening bell on Nov. 18, 2010 with an entourage of executives that included former vice chairman Steve Girsky, current President Mark Reuss and then-GM Treasurer Dan Ammann, who now leads the automaker's majority-owned Cruise autonomous vehicle subsidiary.
"To ring the bell, to me, that was the first step to success, then we had to go to work," Akerson told CNBC on Wednesday, adding he remembers walking onto the trading floor to applause. "It was really humbling. I got emotional … I had never felt as proud as I did the GM organization."
Investor interest was high amid hopes that one of America's most storied companies could make a comeback. GM initially raised $20.1 billion and its shares opened at $35, up $2 from the IPO price.
A decade later, the "new GM" has a sound balance sheet and the company is the leanest its been in decades. The stock, however, has produced an abysmal annualized total return, including dividend payments, of 5.2% over the last decade, compared with 14% for the S&P 500, according to FactSet. Put another way, $10,000 invested in GM at it's IPO and reinvesting dividends along the way would be worth roughly $15,879 today, compared with $36,742 in the S&P 500.
"It's basically been a treadmill stock, where the market's gone up and to the right. It's been a significant underperformer," Dan Ives, managing director at Wedbush Securities. "There's been some hits, but many misses and I think that's been the frustration of investors for such a stalwart with so much R&D, technology and distribution under the hood."
Morningstar's David Whiston, who's long been bullish on GM, described the company's stock performance as "volatile and frustrating" over the last decade. "It's been in the mid-teens and it's been over $45. But even when it's done well, it never really sustains it," he said.
At its peak, GM's stock was up more than 40% from its IPO price at $46.76 a share during intraday trading in October 2017. Its shares have lost all of that momentum since then, falling 57% from its IPO to an intraday low of $14.33 a share on March 18 after GM, Ford Motor and Fiat Chrysler announced temporary closures of all U.S. factories due to the coronavirus.
"The stock has really struggled if you annualize it over the last decade," said Garrett Nelson, senior equity analyst at CFRA Research. "It's a pretty low return."
Current CEO Mary Barra and other GM executives have been steadfast in saying they will control what they can regarding the business to prove the company's worth to Wall Street, promising to do anything and everything to create shareholder value. A company spokesman reiterated those comments Tuesday.
Tesla vs. GM
Since GM stock hit its all-time low earlier this year, shares have rallied. They're up 19.9% so far this year, fueling a 33% increase since the company's IPO at $33 a share.
But the gains are miniscule when compared with Tesla, which went public five months before GM in June 2010. While more volatile, Tesla's shares have skyrocketed by more than 400% so far this year, leading the company past Toyota Motor to become the most valued automaker in the world.
GM's ability to compete against Tesla as well as the cost of switching its vehicle fleet to all-electric are main reasons why CFRA Research has a "sell" rating on GM, according to Nelson.
"While they're planning to shift their portfolio to an all-electric future, they're still pretty early in that process," he said. "I think they've had a lot more misses than hits if you look at their EV models that they've introduced over the last decade. None have sold particularly well."
He's predicting a "very difficult road ahead" if they want to compete against Tesla in EVs.
GM has tried to get investors to value it more like Tesla, which is seen as more of a tech disruptor than an automaker. That thinking has allowed Tesla's market value to skyrocket to more than $400 billion despite years of losses. GM, on the other hand, is 112 years old, has decades of profitable years behind it and consistently beats Wall Street's earnings expectations — yet it has a market value of just $60 billion.
Whiston described the GM-Tesla situation as a "double standard," saying if a traditional automaker were to do what Tesla has done, including announcing plans to go all-electric years ago, their stocks would have plummeted.
"Yet, while Tesla's doing it and hemorrhaging cash, it's a growth story," he said. "I'm not trying to take away from what Tesla's accomplished, they've accomplished a ton. It's amazing. But I don't buy the argument that only Tesla will be able to provide EVs to everybody. In reality, just about every automaker will."
Ahead of Covid-19 shuttering its factories in March, GM announced plans to invest $20 billion in all-electric and autonomous vehicles through 2025. The company, despite the pandemic, has said it will maintain, if not increase, those investments.
Many analysts view GM's plans, including a long-term goal of exclusively offering electric vehicles, as hope the next decade may be better than the previous one for the "new GM."
"They've thrown a lot of darts with many that have missed. The Street's kind of wiped that out in terms of the historical and going forward," Ives said. "It's of course about their core automobile franchise but the golden goose is EV."
GM has "nailed" the strategy, he said. "Now it comes now to execution, but that's the key."
Several analysts have recently raised their price targets on GM, after the company significantly outperformed Wall Street expectations during the pandemic and successfully launched its all-electric GMC Hummer. Many cited the company's performance as well as its future EV strategy.
GM is "fully back on track and likely enjoys strong momentum well into 2021," UBS analyst Patrick Hummel said earlier this month. Investors will start to see GM as more of an "aggressive" electric vehicle company over the next year or two, instead of a slow-growth manufacturer like the rest of the Detroit carmakers, he said.
"With a focus on crystallizing value of its EV strategy ... GM will likely get more credit for being a relative winner in the transition," Hummel wrote in an investor note Nov. 9.
Ives agrees: "If GM finds success on EVs, they're going to start to see a re-rating as part of that. I think that's what investors are starting to recognize when they look at GM going forward. On the EV side, I think they can become a legitimate player over the next decade."
That GM Stock You Bought in ’65 Is About to Pay Off
Congratulations, of sorts, are in order for longtime General Motors shareholders: After 28 years, they’re about to break even. GM stock finished at $56 on Thursday, the best close since the stock hit its all-time high of $56.375 on Oct. 26, 1965. With the momentum in the stock of late--it was $42 in October--a new high seems a foregone conclusion any day now.
There are two noteworthy aspects to GM’s resurgence. First, it’s testimony to the U.S. economy’s strength and to the renaissance of American heavy industry, after decades of playing catch-up to foreign rivals (especially Japan).
The sobering side to the GM story is that an investor who bought the stock in 1965 has had to wait nearly three decades for a capital gain.
Today, with the market overall near record highs, the GM experience is a warning to those who believe that all they need to make money in securities is time--that if you just take a 10-year or 20-year view, it’s impossible to lose with stocks.
To be fair, GM holders have been paid something to wait: Most years, they’ve earned a dividend of between $1 and $3.40 a share. In the mid-'80s, they also were given separate shares in GM Hughes Electronics and GM Electronic Data Systems.
Even so, buyers who paid $56 for GM stock in 1965 would probably have mocked anyone who would have suggested back then that shares of the world’s largest industrial firm would be a dud for 28 years. In contrast, if you’d bought Ford stock in 1965, you’d be up 484% today; the average blue-chip stock, as measured by the Standard & Poor’s 500 index, is up 402% in price since then.
GM’s long slide into mediocrity doesn’t need much rehash here, because most people know the story: American car companies built a generally lousy product in the ‘60s and ‘70s. The Japanese arrived with their better-quality cars during the mid-'70s oil crisis and began taking market share. The Big Three were slow to join the low-cost, high-quality movement. The result was that, by 1980, Ford and Chrysler both were near collapse.
The irony, says veteran investor Bradlee Perry at the Babson Group investment company in Boston, is that GM “was by far the strongest company when the Japanese were eating the Big Three’s lunch. They didn’t have to take the drastic action that Ford and Chrysler did to survive.”
In retrospect, by putting off the hard decisions needed to make itself competitive again, GM merely prolonged its shareholders’ agony.
Today, Wall Street believes GM is finally on track. Helped by its own deep cost cutting, by Americans’ surprising appetite for new cars and trucks and by Japan’s economic disarray, GM should earn $1.99 a share this year, after three years of losses. For 1994, Wall Street’s consensus estimate is $4.69 a share.
Ronald Glantz, analyst at Dean Witter Reynolds, thinks GM could earn as much as $11 a share in 1996 if the domestic auto and truck sales boom continues and if an economic recovery begins in Europe, where GM is particularly strong.
Even so, Glantz doesn’t believe GM stock is worth much more than the current price. Reason: Saddled with $24 billion in unfunded pension obligations to workers, GM will find it virtually impossible to raise its cash dividend from the current annual 80 cents a share (a yield of just 1.4% at the current stock price), Glantz says. For years to come, added GM profit will have to go to pay off retirees instead of going to shareholders or to pay for investment in new technology.
Neither Ford nor Chrysler faces that problem. Because dividends are what ultimately matters to investors in mature companies, Glantz says, GM stock’s potential is limited. Stephen Girsky, analyst at Paine Webber, agrees. He says Ford should sell in the mid-$80s in ’94 or ’95 but that GM could as easily drop $15 a share as rise $15 from here.
For most investors, the more important story here is the lesson of GM’s long road back since ’65. It’s in vogue to assume you just can’t lose with stocks if you have 10 years or more to play with. Probably that’s true for a diversified portfolio.
But the GM experience is a good excuse for a reality check. If you aren’t well diversified in stocks, or you’re tempted to make a huge bet at today’s high prices, remember that even 30 years may not be enough time to right a wrong move.
8 of the Highest Stock Prices in History
A stock's price is not necessarily indicative of quality. However, looking at some of the highest stock prices ever can be educational for those interested in the history of the stock market.
Berkshire Hathaway ($445,000)
Berkshire Hathaway is the holding company of billionaire investor Warren Buffett. The stock hit $445,000 per share in May 2021.
Notable companies under the Berkshire umbrella include GEICO Auto Insurance and Helzberg Diamonds. Berkshire is also a shareholder of Apple (AAPL), Bank of America (BAC), and Coca-Cola (KO).
Buffett's success as an investor led to a fantastic increase in Berkshire's share price. Berkshire Hathaway A shares (BRK.A) trade at $419,000 per share as of July 22, 2021. For individuals interested in investing in Berkshire, the company's B shares (BRK.B) are much more affordable $278 per share as of July 22, 2021.
In April 2019, Seaboard Corporation (SEB) reached its record high of $4,699 per share. Today, the company trades at $3,885 (as of July 22, 2021). Seaboard Foods is one of the largest producers of grain and agriculturally-derived products in the U.S.
Furthermore, the marine division provides shipping services to the Caribbean, as well as Central and South America. Seaboard milling facilities process and sell grain products worldwide. The company may be best known for its large stake in Butterball Turkey.
NVR (NVR) is a homebuilder operating under the names of Ryan Homes, NVHomes, and Heartland Homes. It markets in many states, building and selling homes, as well as offering mortgage financing and title insurance.
NVR hit an all-time high of $5,308.48 in mid-2021. The global crisis took a toll on the company, reducing its price by almost 50% in March 2020.However, it recovered most of those losses within a few months and trades at $5,000 per share as of July 22, 2021. The company might have benefited from the historic increase in home prices and the seller's market of homes in the U.S. during the pandemic and its related shortage in lumber and construction materials."
Amazon (AMZN) was still hitting new highs as of July 2021. The company's stock suffered an initial pullback during the 2020 bear market. However, it soon became clear that Amazon would benefit from the crisis as consumers shifted their shopping online. Shares now trade at $3,625 per share as of July 22, 2021.
The online bookstore-turned-everything store recovered from a terrible plunge below $10 a share after the dotcom bubble burst. Amazon's founder, Jeff Bezos, is the wealthiest person in the world as of July 22, 2021.
Technology giant Alphabet (GOOG), which is best known for its Google search engine, reached a record high of $2,670.09 in mid-2021. Shares now trade near their all-time high at $2,668 as of July 2021. Google produces revenue through advertising, publishing tools, and the Android operating system.
Driving Google'srevenue growth is the continued adoption of advertising, which accounts for 80% of Google's revenue (notably its AdSense and AdWords platforms). Google is part of the global super apps and FAMGA club.
Google's suite of products is too long to list—just open the waffle on the google home page and you will get an idea. Google leads education, GPS navigation, global business mapping, web conferencing, cloud storage, email communication, and even autonomous transportation, along with a giant host of other products and services.
Calumet and Hecla ($1,000)
Calumet and Hecla was a copper mining business that began mining in Houghton County, Mich. The company exceeded all expectations when, in 1906, it produced nearly 100 million pounds of copper. That propelled the company's stock price to $1,000 in 1907.
Apple (AAPL) passed Exxon as the largest company in the world in 2011. It reached its all-time high in September of 2012 on the back of a 2012 gain of more than 70%. After reaching all-time highs, the maker of the iPhone, Macintosh computers, and the iPad, saw a severe pullback. The company had a 7-to-1 stock split in 2014 before the share price could fully recover.
On a split-adjusted basis, Apple repeatedly hit new record highs between 2014 and 2020. However, $702.10 remained the all-time price high for Apple without adjusting for splits.
General Motors ($697.00)
General Motors (GM) had a stock price under $30 as of June 2020, but the history of the iconic automaker is long and storied. According to The New York Times, GM was the largest automaker in the world from 1931 to 2008, when Toyota passed it.
GM led the way in automobile innovation but also in creating complicated corporate structures. In September 1916, GM hit a record high of $697 per share but collapsed shortly after because the market for new automobiles dried up. In 2009, the Great Recession forced GM to file for bankruptcy. It later reemerged, but with the federal government holding 500 million shares.
The Bottom Line
In the eyes of an investor, price does not necessarily reflect value. A more expensive stock does not always translate to a better company. Instead, these stories relate the journey from idea to income—from genius to growth—all laid out on a tapestry woven by the ever-evolving machine of American capitalism.
On the front of investors affording to buy these stocks, this problem is currently solved thanks to fintech and technology. All stocks now can be fractioned and the investor can buy any portion they can afford. So, a stock split event is not as important and useful as it used to be.
Highest ever stock gm price
Currency in USD
|Oct 22, 2021||58.37||58.70||57.64||57.77||57.77||10,398,167|
|Oct 21, 2021||58.00||58.67||57.73||58.41||58.41||11,585,400|
|Oct 20, 2021||56.36||58.24||56.22||57.67||57.67||13,399,900|
|Oct 19, 2021||57.00||57.06||56.53||56.85||56.85||10,589,000|
|Oct 18, 2021||57.41||57.58||56.85||56.89||56.89||12,667,900|
|Oct 15, 2021||58.34||58.71||57.85||58.00||58.00||12,906,200|
|Oct 14, 2021||58.10||58.29||57.45||57.69||57.69||11,450,100|
|Oct 13, 2021||58.94||58.94||57.08||57.77||57.77||18,813,800|
|Oct 12, 2021||58.52||59.33||57.86||58.96||58.96||17,095,000|
|Oct 11, 2021||58.79||59.35||57.77||58.09||58.09||17,665,700|
|Oct 08, 2021||56.54||59.21||56.38||58.57||58.57||33,705,400|
|Oct 07, 2021||54.85||56.74||54.44||56.44||56.44||31,006,000|
|Oct 06, 2021||54.49||55.50||53.15||53.93||53.93||29,520,800|
|Oct 05, 2021||54.19||54.74||53.65||54.34||54.34||18,201,500|
|Oct 04, 2021||54.90||55.64||53.68||53.98||53.98||29,206,700|
|Oct 01, 2021||53.03||53.38||52.25||53.13||53.13||16,660,400|
|Sep 30, 2021||52.93||53.20||52.18||52.71||52.71||16,324,300|
|Sep 29, 2021||53.30||53.36||52.53||52.93||52.93||10,881,100|
|Sep 28, 2021||53.77||54.21||52.70||52.85||52.85||16,422,900|
|Sep 27, 2021||52.41||53.57||52.38||53.24||53.24||13,861,400|
|Sep 24, 2021||51.88||52.63||51.72||52.23||52.23||11,643,500|
|Sep 23, 2021||51.10||52.08||51.04||51.92||51.92||14,043,200|
|Sep 22, 2021||50.03||51.22||50.03||50.78||50.78||14,038,300|
|Sep 21, 2021||49.57||49.78||48.79||49.37||49.37||14,172,700|
|Sep 20, 2021||49.45||49.54||48.37||49.37||49.37||24,540,600|
|Sep 17, 2021||51.33||51.93||50.99||51.33||51.33||45,115,700|
|Sep 16, 2021||51.59||51.90||50.91||51.52||51.52||12,617,300|
|Sep 15, 2021||50.79||51.93||50.54||51.82||51.82||13,658,500|
|Sep 14, 2021||51.22||51.42||50.50||50.74||50.74||12,587,300|
|Sep 13, 2021||50.11||50.95||49.60||50.82||50.82||18,506,500|
|Sep 10, 2021||48.69||50.42||48.69||49.49||49.49||22,771,000|
|Sep 09, 2021||48.95||48.95||47.80||48.42||48.42||13,739,500|
|Sep 08, 2021||48.64||49.52||48.42||48.97||48.97||11,136,300|
|Sep 07, 2021||48.49||49.23||48.42||48.72||48.72||12,309,900|
|Sep 03, 2021||48.80||49.00||48.42||48.82||48.82||9,932,500|
|Sep 02, 2021||49.15||49.50||48.81||48.95||48.95||13,349,300|
|Sep 01, 2021||49.10||49.64||48.68||49.11||49.11||10,982,100|
|Aug 31, 2021||49.17||49.43||48.67||49.01||49.01||14,293,100|
|Aug 30, 2021||49.95||49.95||48.95||49.17||49.17||13,709,000|
|Aug 27, 2021||48.75||50.07||48.66||49.80||49.80||14,866,900|
|Aug 26, 2021||49.47||49.47||48.52||48.62||48.62||16,599,200|
|Aug 25, 2021||49.49||49.93||49.16||49.70||49.70||14,406,600|
|Aug 24, 2021||48.50||49.87||48.23||49.57||49.57||21,394,700|
|Aug 23, 2021||48.16||48.35||47.07||48.18||48.18||30,149,200|
|Aug 20, 2021||48.96||49.14||48.35||48.80||48.80||16,812,400|
|Aug 19, 2021||50.00||50.22||48.67||49.08||49.08||23,387,300|
|Aug 18, 2021||50.53||51.49||50.40||50.84||50.84||15,271,400|
|Aug 17, 2021||51.98||52.08||50.20||50.47||50.47||28,477,800|
|Aug 16, 2021||53.01||53.26||52.49||52.95||52.95||17,019,000|
|Aug 13, 2021||54.56||54.71||53.59||53.65||53.65||11,834,800|
|Aug 12, 2021||54.44||55.04||54.19||54.62||54.62||10,760,900|
|Aug 11, 2021||54.42||54.50||53.45||54.27||54.27||15,814,600|
|Aug 10, 2021||54.00||54.38||53.66||54.26||54.26||14,479,100|
|Aug 09, 2021||54.27||54.37||53.40||53.95||53.95||16,080,000|
|Aug 06, 2021||54.81||55.35||54.26||55.05||55.05||14,961,200|
|Aug 05, 2021||53.86||54.88||53.55||54.44||54.44||28,571,400|
|Aug 04, 2021||55.23||55.45||52.21||52.72||52.72||67,667,200|
|Aug 03, 2021||57.47||57.96||56.61||57.88||57.88||12,273,500|
|Aug 02, 2021||57.37||58.60||56.88||57.03||57.03||12,397,500|
|Jul 30, 2021||56.72||57.81||56.62||56.84||56.84||13,176,500|
|Jul 29, 2021||57.00||57.74||56.82||57.28||57.28||15,439,000|
|Jul 28, 2021||55.42||55.86||54.69||55.49||55.49||10,549,200|
|Jul 27, 2021||55.21||55.36||54.22||55.00||55.00||13,374,900|
|Jul 26, 2021||55.24||55.91||55.10||55.77||55.77||9,589,000|
|Jul 23, 2021||55.31||55.79||54.81||54.94||54.94||14,536,000|
|Jul 22, 2021||56.75||56.76||55.49||55.64||55.64||12,019,900|
|Jul 21, 2021||56.80||57.47||56.56||57.05||57.05||11,035,200|
|Jul 20, 2021||54.26||56.38||54.12||56.15||56.15||13,292,000|
|Jul 19, 2021||53.90||54.43||52.63||54.18||54.18||20,942,100|
|Jul 16, 2021||57.48||57.48||55.37||55.46||55.46||13,611,400|
|Jul 15, 2021||57.12||57.69||56.59||56.95||56.95||12,103,400|
|Jul 14, 2021||58.89||59.36||57.71||58.00||58.00||12,520,500|
|Jul 13, 2021||59.04||59.26||58.26||58.73||58.73||14,604,200|
|Jul 12, 2021||58.56||59.17||57.82||58.97||58.97||14,513,200|
|Jul 09, 2021||58.80||58.92||57.89||58.76||58.76||24,361,300|
|Jul 08, 2021||55.30||56.59||54.86||56.06||56.06||14,087,400|
|Jul 07, 2021||57.34||57.40||56.13||56.59||56.59||13,077,600|
|Jul 06, 2021||58.92||58.93||57.01||57.46||57.46||16,155,600|
|Jul 02, 2021||59.11||59.32||58.52||58.96||58.96||9,689,700|
|Jul 01, 2021||59.44||59.73||58.78||59.11||59.11||11,752,100|
|Jun 30, 2021||58.74||59.47||58.61||59.17||59.17||12,330,500|
|Jun 29, 2021||59.20||59.55||58.70||58.83||58.83||12,171,800|
|Jun 28, 2021||60.31||60.38||58.43||58.64||58.64||17,152,700|
|Jun 25, 2021||60.29||60.58||60.02||60.30||60.30||14,255,100|
|Jun 24, 2021||60.39||60.50||59.76||60.04||60.04||14,445,300|
|Jun 23, 2021||59.85||60.43||59.46||60.12||60.12||11,527,900|
|Jun 22, 2021||59.54||59.60||59.02||59.24||59.24||8,928,500|
|Jun 21, 2021||59.75||59.75||58.82||59.30||59.30||12,276,900|
|Jun 18, 2021||59.28||59.59||58.41||58.76||58.76||25,602,800|
|Jun 17, 2021||61.82||62.40||59.36||60.08||60.08||19,712,100|
|Jun 16, 2021||62.46||63.09||61.20||61.76||61.76||31,080,000|
|Jun 15, 2021||60.68||61.11||59.98||60.81||60.81||10,737,000|
|Jun 14, 2021||61.47||61.64||60.31||60.79||60.79||15,443,300|
|Jun 11, 2021||61.36||62.01||61.16||61.49||61.49||10,205,000|
|Jun 10, 2021||62.83||63.05||61.17||61.34||61.34||16,141,900|
|Jun 09, 2021||63.95||64.16||62.69||62.77||62.77||14,371,300|
|Jun 08, 2021||63.02||63.97||62.43||63.92||63.92||13,027,200|
|Jun 07, 2021||63.98||64.30||62.63||63.23||63.23||15,549,700|
|Jun 04, 2021||63.57||63.88||62.39||63.37||63.37||21,072,300|
|Jun 03, 2021||61.57||63.68||60.71||63.46||63.46||38,547,800|
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General Motors hits its highest price ever after going all in on electric cars (GM)
Shares of General Motors hit an all-time, intraday high on Tuesday.
The stock was trading as high as $43.70 on Tuesday after the company announced it would be focusing all its efforts on electric cars.
GM company hopes to be making 20 fully electric cars by 2023.
The gains followed a rally Monday, that came in part after a Deutsche Bank analyst also said a fully autonomous car from GM is closer than investors expect and that a spinoff of its tech-focused mobility unit could be in the cards.
GM rose 4.38% on Monday, closing at an all-time high of $42.15. It continued that rise on Tuesday and is on track to close at its highest-ever levels yet again.
In addition to its all-electric future, the company might be closed to releasing a fully autonomous car soon. According to Deutsche Bank, the company could release a self-driving car that could navigate complex urban areas without a backup driver in "quarters, not years." GM could use the self-driving tech to create a ride-hailing service with a natural monopoly, according to Deutsche Bank.
Morgan Stanley is bullish on the stock as well. Adam Jonas, an analyst at the bank, said his phone has been ringing more than normal with investors interested in GM. With a price target of $43 and a rating of buy, it looks like Tuesday's move has covered the remaining ground of Jonas' previously bullish call. He said multiples would have to expand for the price to continue higher as the company is maxing out its earnings potential in Jonas' view.
GM is up 23.2% this year.
Click here to watch General Motor's stock trade in real time...
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GM stock falls below $1
NEW YORK (CNNMoney.com) -- General Motors' stock price plunged below $1 a share Friday, reaching its lowest level since the Great Depression, as investors anticipated a bankruptcy filing by the beleaguered automaker.
0:00/02:53Remove GM from the Dow
GM (GM, Fortune 500) stock closed at 75 cents, down more than 33% from Thursday's $1.12 close.
GM's stock has been flirting with 1930s-era prices in recent months as a bankruptcy seemed inevitable. The stock touched $1 in intraday trading on May 13, and hasn't closed that low since April 19, 1933. On that date, GM closed at 97 cents, adjusted for splits.
As recently as 2007, the stock was trading above $40 a share. The Detroit-based automaker's stock price peaked on April 28, 2000, when it closed at $93.63. At the time, auto sales were at a record high.
More recently, the automakers have been struggling to survive under the weight of the recession and high fuel prices, which have drastically reduced sales.
GM is expected to file for bankruptcy next week, despite an agreement reached Thursday with the Treasury Department and a committee of major bondholders.
Chrysler, another of the Big Three automakers, filed for bankruptcy April 30 and is awaiting a ruling from Judge Arthur Gonzalez of the U.S. Bankruptcy Court in New York, where proceedings have been underway this week.
The other of the Big Three automakers, Ford Motor, rose 19 cents to $5.75. Ford has not sought government aid during a period of sales declines.
First Published: May 29, 2009: 11:53 AM ET
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