GM shares slide 22.94% to close at $3.36 per share on Monday after the Detroit auto giant painted a bleak picture of its financial health on Friday, warning it could approach the minimum cash levels needed to run the business by year's end absent a rapid economic turnaround or government assistance.
A long anticipated bankruptcy filing slammed Circuit City's shares on Monday, as its stock neared zero. The electronics retailer filed for Chapter 11 bankruptcy Monday, amid liquidity crunch declines in vendor and consumer confidence and a tough environment for retailers.
American International Group Inc. shareholders who have taken substantial punishment over the past three months had cause for a small celebration Monday as the Federal Reserve and Treasury revised the terms and duration of its rescue package for the insurer, allowing it more breathing room to sell assets to pay down the now $60 billion loan. AIG shares ticked up 8.06% to close at $2.28 per share.
The Dow Jones Industrial Average slipped 73.27 points to close at 8,870.54 on Monday. - Michael Rudnick
Comments
To those folks that lost their jobs at Circuit City...Time to hit the job boards!
www.linkedin.com (professional networking)
www.indeed.com (aggregated listings)
www.realmatch.com (matches jobs based on your skills)
Good luck!