All of General Motors top brass had to experience in person on Wall Street this morning, the company's return to public life. In fact, GM took over the New York Stock Exchange with a huge banner on the outside of the building and the speed of the engine of a Chevrolet Camaro SS accompanying the traditional Morning Bell that trading opens at 9:30 clock hung.
When the Camaro came to life, shares of GM - jumped sharply from the initial IPO price of $ 33 - given the simple stock symbol of the "GM" on the exchange. Quick hit a high of $ 35.99, fell a bit and are back up running at $ 35.33 at the time of this writing (follow GM's stock in real time here at Daily Finance). To back in perspective, GM's shares for less than a dollar in 2009 before the company filed for bankruptcy act.
What impact does today, the U.S. government, the role of GM's future? For starters, the Federal Treasury sellout more than 400 million shares of GM and reduced its stake in the company of 61 percent to 33 percent. Reports estimate that enable the government to break even, would the rest of its shares were sold for an average of about $ 50.
Given the excitementUNG to today's historic event that could ultimately turn to be the largest IPO in history, and the sharp jump in share price this morning, the U.S.-even government-break on the rescue of General Motors seems possible today than ever before.
Stay tuned for more updates on the price development over the course of the day on our Twitter feed and the end of the day, where he concludes.via
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