It’s hard to believe that it was just last summer that former General Motors CEO Rick Wagoner was grumbling because his company’s shares had slipped below the $10 mark. A mid-July restructuring plan briefly buoyed GM shares, but it’s been largely a downward slide ever since.
He latest rumors of bankruptcy sent the giant maker’s shares tumbling, again, yesterday, though as of midday Tuesday, the market had seemingly caught its breath and driv GM stock back up by more than 8 percent.
“Conditions are extraordinarily unsettled,” Wagoner said, last July. “Frankly,” he concluded, “we’re just going to have to ride it out for awhile.” How long awhile is anyone’s guess.
By comparison, Ford is a veritable golden stock. Its shares have more than doubled, over the course of the last month, and are now running in the mid-$4.00 range. Of course, that’s still only about half its 52-week high, and barely a quarter of what it was trading for this time five years ago.