ang2pang asked
Watching GM's stock plunge last week to its largest single-day share loss since the stock market crash in 1987 sent chills through the Motor City, the industry and the financial community. The loss was triggered by GM's announcement that it expected a loss of almost $1 billion -- that's with a 'b' -- over the last six months of the year, after suggesting less than three months earlier that things would be tough in 2005, but not in the dire category. Well, folks, this is seriously dire, and Wall Street reacted accordingly, coming down hard on GM. Danny Hakim, reporting for The New York Times last Thursday morning, said that 'The losses reflected an increasingly harsh reality: that General Motors (GM, news, msgs), which three years ago was thought to be the healthiest of the Big Three automakers in Detroit, is now considered the weakest, primarily because it is not selling enough cars at home. The losses also raised questions about the strategy of the company's chairman and chief executive, Rick Wagoner.' That's as dire of an assessment as you're likely to hear from anyone about the situation, and now GM heads to the New York Auto Show under the gun and under the microscope.
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