-- General Motors Marks Introduction to the Public Market
at The New York Stock Exchange (posted by GMBlogs) .
News item:
NEW YORK (AP) -- General Motors stock began trading on Wall Street again Thursday, signaling the rebirth of an American corporate icon that collapsed into bankruptcy and was rescued with a $50 billion infusion from taxpayers.
The stock rose sharply in its first minutes of buying and selling, going for nearly $36 per share -- almost $3 more than the price GM set for the initial public offering. The stock pulled back slightly by early afternoon and closed at $34.19. It had traded for less than a dollar when the old company filed for bankruptcy last year.
On the floor of the New York Stock Exchange, a crowd eight deep jostled around the company's trading post, adorned with its familiar blue-square logo with an underlined "GM." CEO Dan Akerson rang the opening bell as raucous cheers went up and the sound of a Chevrolet Camaro's revving engine echoed through the room.
The stock rose sharply in its first minutes of buying and selling, going for nearly $36 per share -- almost $3 more than the price GM set for the initial public offering. The stock pulled back slightly by early afternoon and closed at $34.19. It had traded for less than a dollar when the old company filed for bankruptcy last year.
On the floor of the New York Stock Exchange, a crowd eight deep jostled around the company's trading post, adorned with its familiar blue-square logo with an underlined "GM." CEO Dan Akerson rang the opening bell as raucous cheers went up and the sound of a Chevrolet Camaro's revving engine echoed through the room.
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